Cyprus Funds, Inc. and Latin American Services Co., Ltd.

On October 16, 2000, the SEC obtained a Final Judgment against the Cyprus Fund, an unregistered foreign mutual fund, its investment adviser, Latin American Services Co, and their principals. The SEC alleged that the defendants raised approximately $75 million from more than 1,000 investors, primarily through the fraudulent sale of unregistered securities. For more information about the SEC's action, you can read Litigation Release Nos. 16321 (Sept. 30, 1999) and 16768 (Oct. 16, 2000).

The court appointed Michael I. Goldberg as Receiver to collect and distribute assets. The Receiver has recovered approximately $10 million and has distributed about $7 million to defrauded investors. The Receiver continues to litigate for additional funds. The Receiver currently has about $900,000 in trust.  With funds he expects to collect from the pending litigation as well as the trust funds, the Receiver plans on making a distribution sometime next year.

If you have a question, you can contact the Receiver at:

Michael I. Goldberg, Receiver
Akerman, Senterfitt & Eidson, P.A.
Las Olas Centre II - Ste. 1600
350 East Las Olas Blvd.
Fort Lauderdale, FL 33301
Phone: (954) 463-2700
Email: mgoldberg@akerman.com

http://www.sec.gov/divisions/enforce/claims/cyprus.htm