Nevada Financial Institutions Division files court petition to place Prime Trust LLC in receivership

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 supportfaq@primetrust.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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