Las Vegas, NV June 27, 2023
On June 26, 2023, the Nevada Financial
Institutions Division (“Division”) petitioned for an appointment of
receivership over Prime Trust LLC (“Prime”) with the Eighth Judicial District
Court of Nevada. This action resulted from the Division’s determination that Prime
is operating in an unsafe and unsound manner and is insolvent as specified in
the Cease-and-Desist Order issued on June 21, 2023.
Prime Trust LLC, a wholly-owned subsidiary of
Prime Core Technologies, Inc, is a Nevada-domiciled retail trust company. Prime
provides trust services and operates as a financial technology-driven company
dealing in cryptocurrency, FinTech software development and software services.
Prime’s business model is business-to-business-to-consumer.
The petition asks the court to appoint a receiver
to take over the day-to-day operations of the company and thoroughly examine
all its finances to determine the best option to protect Prime’s clients,
either by rehabilitating and returning the company to private management or by
liquidating the company.
A full copy of the Petition for Appointment of
Receiver, Temporary Injunction and Other Permanent Relief is attached.
Customers of Prime with questions concerning
how this action may impact their business should email Prime
Trust at email@example.com. The Nevada Financial Institutions
Division is not able to provide legal advice or counsel to customers of Prime.
About the Nevada
Financial Institutions Division
The mission of the
Financial Institutions Division is to maintain a financial institutions system
for the citizens of Nevada that is safe and sound, protects consumers and
defends the overall public interest, and promotes economic development through
the efficient, effective, and equitable licensing, examination and supervision
of depository, fiduciary, and non-depository financial institutions.
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