It seems that Preferred merchants Solutions and Jaymes Meyer have not quite followed the Court’s Orders. On December 11th, Judge Mullen ordered Jaymes Meyer to appear for a deposition, and on December 16, there was an Order for the production of documents no later than December 17th. After a review of the documents produced, the Receiver found them to be “insufficient” as they missed “key information that the Court ordered” Preferred Merchants and Jaymes Meyer to provide.
If that wasn’t bad enough, Meyers was unable to answer a number of the Receiver’s counsel’s questions about various accounts and assets as he claimed he needed to review additional documents. Meyers was “unable to provide detailed information about a single bank account concerning the cash held in the Cooks Island trust.”
Apparently, $200,000 had been distributed from that account on or after November 14th, 2014, with $150,000 being distributed to Meyer on November 14 and another $50,000 distributed to “IBF Ltd.” on November 28, 2014 (After the Court hearing held November 24th).
The Receiver and Preferred Merchants counsels agreed to continue the deposition on January 5, 2015, to give Meyer time to look over more documents and better answer questions. There would also be a Consent Order that memorializes the terms of the agreement entered so any violation could be enforced by the Court’s contempt powers.
I have uploaded the full filing onto the Files website.