Las Vegas, NV — The Nevada Financial Institutions Division (FID) announced today that the Eighth Judicial District Court in Clark County has granted the Division’s petition to appoint a receiver for Elemental Financial Technologies, Inc., formerly known as Fortress Blockchain Technologies, and its subsidiaries, including Fortress Trust, LLC.
The Court has appointed John Guedry as the permanent receiver, granting him full authority to take control of and manage the companies’ assets and operations under court supervision.
The appointment of a receiver places all of the company’s assets—such as financial accounts, digital assets, customer records, software systems, intellectual property, and related business property—under the control of the receiver and the oversight of the court. This step ensures the preservation, oversight, and responsible management of the company’s operations while protecting customers, creditors, and other stakeholders.
“We pursued this action to safeguard the interests of consumers and the integrity of Nevada’s financial system,” said Sandy O’Laughlin, Commissioner of the Financial Institutions Division. “The court’s order enables independent oversight of the company and ensures its assets are protected while the receivership process moves forward.”
Under the court’s order:
- All officers, employees, agents, and affiliates of Elemental Financial Technologies and its subsidiaries are prohibited from transferring or disposing of assets or conducting business unless directed by the receiver.
- Creditors, investors, and other parties are barred from taking actions that would interfere with the receivership, including filing liens, initiating litigation, or attempting to seize company property without court approval.
- The receiver is authorized to take control of all company property, evaluate operations, secure records, collect payments owed to the company, and take action necessary to preserve or recover assets.
Within 45 days, the receiver must file an inventory of the company’s assets with the court, with additional reports to follow.
The order does not prevent government agencies from continuing any lawful regulatory or enforcement actions.
The FID will continue to monitor the receivership process to ensure compliance with Nevada law and to support the protection of affected customers. Customers with questions concerning how this action may impact their business should contact receiver John Guedry at John.guedry60@gmail.com. The Nevada Financial Institutions Division is not able to provide legal advice or counsel.
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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