Dowdell Receivership

Introduction

Welcome to the web-site of Receiver, Roy M. Terry, Jr. and the law firm of DurretteBradshaw PLC. We have been appointed Receiver in the case of the Securities and Exchange Commission v. Terry L. Dowdell, et al., currently pending in the United States District Court for the Western District of Virginia, Charlottesville Division (Civil Action No. 3:01CV00116).

We designed this web-site to provide convenient access to information about the lawsuit including:

• Important Updates


• Answers to Frequently Asked Questions (FAQs)


• The Plan of Distribution for returning funds to their rightful owners


• All forms required by the District Court for participation as an investor/claimant in the distribution of recovered funds


• and select Court Documents.

If you require further information not contained in this web-site, you may Contact Us.


Brief Summary of the Case


The SEC claims Dowdell and others orchestrated a massive fraud in which they raised tens of millions of dollars from investors in the United States and overseas. Investors were told their funds would be invested in a “prime bank securities” trading program which was operated by a company known as Vavasseur Corporation. The SEC also alleges Dowdell diverted millions of dollars of investor funds to himself, his marketers, and his family and friends.


Where, as in this case, the authorities seek to prevent further misconduct, the SEC frequently pursues the appointment of a receiver to assist in marshalling assets on behalf of injured investors. SEC-initiated receiverships frequently arise in connection with pyramid marketing schemes (also known as “Ponzi” schemes). The District Court overseeing this receivership has broad powers and wide discretion to determine the appropriate relief.