Tag Archive for SEC

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Judge Dismisses SEC Case Against iX Global Orders $1.8 Million Fee Payment

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A federal judge has ruled in favor of iX Global and Digital Licensing, known as Debt Box, in the civil case brought by the United States Securities and Exchange Commission (SEC). Judge Robert Shelby, presiding over the U.S. District Court for the District of Utah, ordered the SEC to pay approximately $1.8 million in attorney and receivership fees.

The ruling, issued on May 28, mandates the SEC to cover $1 million in attorney fees and costs, along with $750,000 for receiver fees and costs. This decision came concurrently with the dismissal of the case without prejudice.

Judge Shelby’s order stemmed from a prior March ruling, which determined that the SEC had engaged in bad faith conduct regarding a temporary restraining order aimed at freezing iX Global’s assets. Subsequent filings revealed inaccuracies in the commission’s information, prompting the threat of sanctions against the SEC.
In response, the judge imposed sanctions on the SEC, requiring them to bear all attorney fees and costs resulting from the improperly obtained relief. Judge Shelby deemed most of the defendants’ requested costs as appropriate, with the exception of a $649 fee.

“This marks a significant victory for the Direct Sales industry,”

remarked Joe Martinez.
The SEC’s lawsuit, filed in July 2023,

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Major Victory For iX Global Against SEC

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The SEC in the USA has lost their case against iX Global and DEBT box as the SEC has presented false statements to the judge, with the objective to get a court order to close down iX Global and DEBT Box. The SEC is ordered to:

“The Commission (SEC) is ORDERED to pay Defendants’ and Receiver’s attorneys’ fees and legal costs arising from the TRO and the Receiver. Defendants and Receiver are ORDERED to file within 30 days petitions for fees clearly setting forth their requests in accordance with the court’s guidance in this order.”

In Summary:
Though the Commission had sufficient information to know its representations about account closures were false and misleading at the time it sought the ex parte TRO, Defendants put the Commission on notice of additional facts undermining these statements in their Motions to Dissolve.
For example, the DEBT Box Defendants highlighted, consistent with Zaki’s information, there were no account closures in July 2023 and then provided evidence demonstrating banks—not Defendants—were responsible for the account closures in 2021 and 2022.

Similarly, the iX Global Defendants provide evidence demonstrating the bank, not Defendants, was responsible for the June 2023 account closures the Commission prominently featured in its argument for irreparable harm.
It

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SEC Asked USA Court To Dismiss iX Global Case

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The SEC stated to the USA Court in a response on January 30, 2024.
“For the foregoing reasons, and those in the Commission’s Response to the Order to Show Cause (Dkt. 233), the Commission respectfully submits that sanctions are not warranted and that the Court’s Order to Show Cause (Dkt. 215) should be discharged.”
For the reasons given in the Commission’s Response to the Order to Show Cause, the Commission respectfully submits that the statements identified in the Order to Show Cause do not warrant sanctions under Rule 11 or the Court’s inherent authority. (Dkt. 233 at 8-20.)
While the Commission recognizes that its attorneys should have been more forthcoming with the Court, sanctions are not appropriate or necessary to address those issues. Significantly, the Commission is continuing to take steps to address the issues the Court identified and to identify any other issues that may warrant further consideration.
As indicated in the Commission’s Response, experienced trial attorneys from the Commission’s Denver Regional Office have been assigned to this matter. (Id. at 1; see Dkt. 234-236.) That team is reviewing the allegations and evidence in this matter.
Given this ongoing review, the Commission has determined that the best way to proceed is to dismiss

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The SEC In The USA Acknowledge Errors In The iX Global – D.E.B.T Box Case

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IX/D.E.B.T. v S.E.C. Update December 2023:
Introduction:
“On October 6, iX Global achieved a monumental win in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
In a recent TRO hearing, the presiding Judge made the crucial decision to dissolve the Temporary Restraining Order (TRO) previously levied against iX Global and DEBT Box.
The Court’s decision comes after scrutinizing the evidence presented and recognizing discrepancies and potential misrepresentations in the SEC’s complaint.
The importance of this hearing was underlined by the presence of Tracy S. Combs, Director of SEC’s Salt Lake Regional Office, who was summoned by the Judge just hours before the hearing. The Court’s stance was clear – maintaining the highest standards of accuracy and fairness in all proceedings.”
As of December 2023:
The SEC’s acknowledgment of errors in the case has raised concerns about accuracy and transparency. Key points include:

Shortcomings in Duty: The SEC admits to falling short in accuracy and candor to the court.
Inaccurate Representations: During a hearing, SEC counsel made inaccurate statements, and these were not corrected when the errors were later identified.
Failure to Differentiate: The SEC did not clearly distinguish between factual statements and inferences, leading to potential misunderstandings.
Lack of Direct Evidence: Certain claims by the SEC, such as attempts to move

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iX Global Response On SEC Allegations In The USA

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According to an iX Global press release, this letter was created for iX Global Brand Ambassadors and the response of Joe Martinez – CEO iX Global.
“As you may have read, on August 3rd, D.E.B.T was served a civil lawsuit by The Securities and Exchange Commission, headquartered in Salt Lake City. Additionally, as mentioned in the SEC press release, iX Global was also named in the lawsuit.
We can assure you that iX Global has been fully committed to due diligence, compliance and transparency as an education and marketing company fostering education and innovation.
Based on our own experience as a marketing company, we have not been exposed to any evidence that would cause us to question the integrity in the operations of D.E.B.T. Box or the validity of their software technology. Yet our position is, as it always has been, that we are a reseller of D.E.B.T. mining software and or hardware.
We Do Not offer any guarantees of ROI.
We are very clear in our disclaimers on every call, every zoom, etc. that getting involved with crypto is unregulated and risky. Never risk more than you can afford to lose, past performance does not guarantee future results, and most importantly educate

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SEC Charges Eleven Individuals In $300 Million Forsage Crypto Pyramid Scheme

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7 USA Promoters involved:

Mark F. Hamlin, of Henrico, Va. for receiving $565,828
Alisha R. Shepperd, of Dunedin, Fla. for receiving $549,075
Carlos L. Martinez, of Chicago, Ill. for receiving $462,925
Cheri Beth Bowen, of Pelahatchie, Miss. for receiving $303,000
Ronald R. Deering, of Coeur d’ Alene, Idaho for receiving $267,075
Sarah L. Theissen, of Hartford, Wis. for receiving $130,118
Samuel D. Ellis, of Louisville, Ky. for receiving $72,405

MLM Blacklist members Faith Sloan, Vitaly Dubinin and Ankur Agarwal  are not charged, all-though deep involved.
The SEC press release:
Washington D.C., Aug. 1, 2022 — The Securities and Exchange Commission today charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from millions of retail investors worldwide, including in the United States.
Those charged include the four founders of Forsage, who were last known to be living in Russia, the Republic of Georgia, and Indonesia, as well as three U.S.-based promoters engaged by the founders to endorse Forsage on its website and social media platforms, and several members of the so-called Crypto Crusaders—the largest promotional group for the scheme that operated in the United States from at least five different states.

According to the SEC’s complaint, in January

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Tables Turn In Ackman VS Herbalife Battle

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Bronte Capital, an Australian-licensed and USA-registered fund manager, posted on its blog a response from the Securities and Exchange Commission to a Freedom of Information Act (FOIA) requesting any documents pertaining to “investigative market manipulation in Herbalife stock by or on behalf of Pershing Square.”
The SEC refused to respond to the request and stated that it the agency can withhold records if it is “compiled for law enforcement purposes.” However, the letter does go on to note that by withholding documents, Pershing Square, or any related parties, is not necessarily being investigated for any violations.

The SEC’s statement made it clear: “The assertion of this exemption should not be construed as an indication by the Commission or its staff that any violations of law have occurred with respect to any person, entity, or security.”

In an

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SEC To Investigate Avon

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Three Years Of Investigations
Probes Reporter continued that it has been following both disclosed and undisclosed SEC investigations against Avon since October 2012. In letters dated December 17, 2014, and August 18, 2015, the SEC has “confirmed this company’s involvement in on-going enforcement proceedings.”
‘No New’ Activity
The report further noted that Avon “made no new disclosures of SEC investigative activity” since the conclusion of an investigation in December 2014. In addition, the investigation confirmed on August 18, 2015, “appears unrelated” to the previous disclosure.
$68 million was paid to settle the DOJ’s criminal investigation and $67 million settled the SEC’s civil investigation. As part of the settlement, Avon was also required to retain an independent monitor to review its FCPA compliance program for a period of 18 months, followed by an additional 18 months of

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SEC Warns Public About Forward Direct Selling Corp.

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State-owned corporate regulator Securities and Exchange Commission (SEC) has issued a warning to the public about fraudulent investment schemes the SEC says are being undertaken by firm Forward Direct Selling Corp.

In an advisory, SEC said Forward Direct Selling Corp. is “inviting people to invest under the same scheme used by One Lightning Corp.,” which earlier was issued a cease-and-desist order from the commission.

“It has come to the attention of the commission that Forward Direct Selling Corp. is being operated by the same people behind One Lightning Corp,” SEC said, adding, “Using a different technology to make it appear that it is engaged in multilevel marketing, Forward Direct Selling Corp. is practically operating the same marketing program as One Lightning.”

SEC said that despite the change in corporate name, Forward Direct Selling’s marketing program

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