RCB Fund Services LLC (“RFS”) specializes in helping victims recover from unlawful conduct. RFS has frequently handled some of the largest and most complicated claims and distribution processes on behalf of the United States Government, specifically the Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”). RFS has administered the first SEC Fair Fund ever created, and the two largest DOJ forfeiture remission funds in history. Among other assignments, RFS’s experience includes the WorldCom, Enron, Royal Dutch Shell, and British Petroleum Fair Funds, and the Madoff Securities and Adelphia Communications Corp. DOJ forfeiture funds. RFS is adept at developing innovative solutions to complex problems that are present in large settlement fund administrations, and has pioneered many techniques in the industry and developed other practical solutions to challenging issues along the way.
RFS was formed in 1996 by Mr. Richard C. Breeden to provide specialized claims administration and fund distribution services in cases involving securities fraud. Mr. Breeden is a former Chairman of the U.S. Securities and Exchange Commission under Presidents George H. W. Bush and William J. Clinton, with extensive experience in capital markets and investments. Mr. Breeden has assisted law enforcement or judicial proceedings on various occasions, including serving as a court-appointed Monitor, a Trustee in bankruptcy proceedings, as a Special Master to the DOJ handling the remission of criminal forfeitures to victims of securities fraud, and as a Distribution Agent for SEC Fair Fund cases.
Most recently, DOJ appointed Mr. Breeden to serve as its Special Master in administering the distribution of approximately $4 billion in forfeitures that have been obtained thus far by the United States Attorney’s Office for the Southern District of New York in cases related to the Ponzi scheme operated through Bernard L. Madoff Investment Securities LLC. RFS is providing analytical support to Mr. Breeden in his role as Special Master.