The Securities and Exchange Commission Will Distribute the K & L International Enterprises, Inc. Fair Fund to Eligible Investors

WASHINGTON, June 5, 2023 /PRNewswire/ -- The following is being released by Rust Consulting, Inc. about the Court-approved Fair Fund in the civil action, SEC v. K & L International Enterprises, Inc., Lawrence A. Powalisz, Enzyme Environmental Solutions, Inc. and Jared E. Hochstedler, No. 6:09-cv-1638-GAP-LHP.

If you purchased or acquired shares of Enzyme Environmental Solutions, Inc. (stock symbol: EESO), Cross Atlantic Commodities, Inc. (stock symbol: CXAC), Revenge Designs, Inc. (stock symbol: RVGD), and International Power, Ltd. (stock symbol: IPWG or IPWGE) (the "Securities") on certain trading days defined for each of the Securities from September 1, 2007 through July 31, 2009 (the "Relevant Period"), you may be eligible for recovery from the K & L Fair Fund.

What this case is about

This case involves the Defendants' violations of the registration provisions of the federal securities laws from approximately September 2007 through July 2009. The SEC's complaint alleged that Defendants entered into a series of convertible promissory notes with several issuers in a scheme to evade the securities registration requirements. Over the course of seven months, from May through September 2010, the Court entered final judgments against all seven Defendants. Four of the Defendants collectively paid $3,165,755.31 of the disgorgement, prejudgment interest, and penalties the Court ordered. 

On February 7, 2023, the Court granted the SEC's motion to establish a Fair Fund and to appoint Miller Kaplan Arase, LLP, as Tax Administrator for the Fair Fund. The Fair Fund was established to distribute the collected funds to investors who were harmed by the Defendants' violations. 

On March 21, 2023, Rust Consulting, Inc. was appointed as Distribution Agent to administer the Fair Fund distribution.

On April 4, 2023, the Court granted the SEC's motion to approve the Distribution Plan for the Fair Fund. 

Who is Potentially Eligible for Compensation

To be eligible to file a claim from the Fair Fund, you must satisfy the following criteria: 1) You must have purchased or acquired shares of Enzyme Environmental Solutions, Inc., Cross Atlantic Commodities, Inc., Revenge Designs, Inc., or International Power, Ltd. on certain trading dates between September 1, 2007 and July 31, 2009 defined for each of the Securities; 2) You must have suffered a loss on approved transactions, that meet the definition of "Recognized Loss" in the Distribution Plan; and 3) You are not an Excluded Party as defined in the Distribution Plan.

How to File a Claim

You can obtain a Claim Form by visiting www.SECvKandLFairFund.com or by contacting Rust Consulting, Inc. at [email protected]. You can file your claim online at www.SECvKandLFairFund.com or submit a Claim Form, by mail, to K & L Fair Fund, c/o Rust Consulting, Inc., Distribution Agent – 2599, Faribault, MN 55021-9599. All Claim Forms are due by September 30, 2023:

For More Information

Copies of the Plan, Plan Notice, and Claim Form are available at www.SECvKandLFairFund.com. You may also call 1 (833) 915-0952 or email the Distribution Agent at [email protected]. 

SOURCE Rust Consulting, Inc.