Allen D. Applbaum, Partner at StoneTurn, Appointed Receiver of ArciTerra Companies, LLC
On December 21, 2023, the U.S. District Court for the District of Arizona appointed Allen D. Applbaum , a Partner at StoneTurn, as the Receiver of ArciTerra Companies, LLC and its related affiliates (“ArciTerra”), in connection with an alleged $35 million misappropriation of funds by Phoenix-Area Real Estate Fund Adviser Jonathan Larmore and affiliates.
- On December 21, 2023, the U.S. District Court for the District of Arizona appointed Allen D. Applbaum , a Partner at StoneTurn, as the Receiver of ArciTerra Companies, LLC and its related affiliates (“ArciTerra”), in connection with an alleged $35 million misappropriation of funds by Phoenix-Area Real Estate Fund Adviser Jonathan Larmore and affiliates.
- The SEC’s complaint, filed on November 28, 2023, alleges, among other things, that since at least January 2017, Larmore and certain charged entities misappropriated more than $35 million from private real estate funds and other investment vehicles that ArciTerra managed.
- The Receiver has retained Archer & Greiner, P.C., as his counsel, with the representation led by New York partner, Allen G. Kadish .
- In order to centralize and address inquiries of investors, creditors and other affected parties, the Receiver has established the following email address, hotline, and website: