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What is this case about?
Answer:
Daily Bread presented itself to customers as an
investment firm operated by John Stanbridge (“Mr.
Stanbridge”), but Plaintiffs allege that Daily Bread
was run as a Ponzi scheme that resulted in the loss
of millions of investor dollars.
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Where is John Stanbridge?
Answer: Mr. Stanbridge
passed away in early January 2022.
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What is the purpose of the appointment of the
receiver?
Answer: The Court has
appointed the Receiver to “manage the wind down and
dissolution of the Defendant [Daily Bread, LLC] with
all powers and duties of a Receiver, as set forth
below and pursuant to §605.0704, Fla. Stat., and of
all real and personal property of the Defendant.”
What that means is that the Receiver is in charge of
identifying what assets may be available to
compensate creditors of the Daily Bread, LLC,
including victims of the alleged Ponzi scheme,
recovering any such assets, and establishing a
court-approved process to distribute any such
assets.
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How do I obtain information about these
proceedings?
Answer: The Receiver will be
filing monthly reports regarding his activities and
the Receivership Estate. Those reports will provide
updates on the status of collecting information from
investors and financial institutions, marshalling
assets for the Receivership Estate, and any other
information that might be helpful to the Court.
Those reports and any other critical case filings
will be posted on this website.
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What is the Receiver waiting on to move the
process forward?
Answer: Information.
The Receiver is in the process of collecting
sufficient information to have a forensic tracing
performed to identify the sources of funds for Daily
Bread, how those funds were used, and what assets
might be available or recoverable to compensate
creditors.
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What is the Receiver doing now?
Answer: Among other things,
the Receiver has been reaching out to investors to
collect information regarding monies sent to Daily
Bread, LLC. The Receiver also has been in
contact with financial institutions to obtain
documentation regarding the receipt of those monies
and other aspects of Daily Bread’s operations. The
Receiver also has retained a forensic expert to
prepare the forensic tracing of the monies and an
expert in Electronically Stored Information to
retrieve data that was in the possession of Daily
Bread, LLC and its former Managing Member, John
Stanbridge.
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How does the Receiver intend to trace monies
that flowed to and from Daily Bread to address
potential claims by persons who believe that
they were economically damaged as a result of
Daily Bread’s activities?
Answer: The Receiver has
retained Paul DeStefanis, CPA/ABV, ASA BV/IA, CVA,
to conduct a financial tracing. The Receiver’s
counsel or Mr. DeStefanis himself may reach out to
investors to obtain follow-up information as part of
that tracing effort. You can email information to
Mr. DeStefanis at
pauld@bizvaluations.com, but make sure to copy
counsel for the Receiver on any such communications.
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