Debt Field’s $400 million “kidnapped in Dubai” exit-scam


Early on of their since dismissed case the SEC flagged issues about Debt Field’s house owners fleeing to Dubai.

Now these issues have been realized, together with what seems to be an tried $400 million exit-scam.

Information of Debt Field’s founders fleeing to Dubai broke again in April.

Aside from the prospect of stolen investor funds being laundered offshore and stated cofounders being out of attain of US authorities, nothing else seemed to be amiss.

On July twenty fourth, Fortune reported on what seems to be a retconned exit-scam ruse courting again to March.

In early June, in keeping with the police report obtained by Fortune, an officer in Draper, Utah was dispatched to analyze the reported abduction of Jason Anderson.

He interviewed the sufferer’s brother, Jacob, who stated that Jason had gone to Dubai for a enterprise assembly on March 1. When he tried to depart the nation, his passport was flagged and he was taken to a again room by airport workers.

Then, in keeping with the brother, he was pushed 4 hours away and positioned in a lodge room that was locked from the surface. Two of Anderson’s enterprise companions, Brannon and Nelson, then allegedly spent two weeks “mentally torturing” him (the report affords no additional particulars) till he agreed to signal away Debt Field and almost $400 million, and attest that he owed “individuals” in Dubai one other $90 million.

Anderson solely managed to get a message to his brother by way of an internet-enabled T.V. distant and, with out a passport, was unable to depart the nation.

Retaining in thoughts the kidnapping purportedly came about in March and for some cause Jacob Anderson waited until June to file a report, Fortune goes on to say:

  • the Utah police officer who took the report contacted the FBI, who informed him “brokers in Dubai had been already conscious of the state of affairs”
  • Dubai police visited Jason Anderson in his lodge and located “no indication of kidnapping”
  • Dubai police confirmed “there was an lively legal case in Dubai towards Anderson stopping him from leaving the nation”

After which there’s Jason Anderson showing in YouTube promotional movies all through June 2024, sharing plans to relaunch Debt Field.

Fortune’s makes an attempt to acquire additional info from US authorities had been unsuccessful. They did nonetheless make contact with Brannon’s and Nelson’s legal professional, who informed them;

his purchasers weren’t conscious of a police report made by Jacob Anderson and denied any allegations of kidnapping.

Earlier than I get into my observations, I’ve to level out Dubai is the MLM crime capital of the world. Authorities there flip a blind eye to MLM associated crime and any information out of the area must be taken with grain of salt.

Additionally any cash despatched to Dubai must be thought-about stolen, already laundered and irrecoverable.

For now, all we are able to verify is:

  • ~$400 million in stolen investor funds is lacking
  • all however one among Debt Field’s principals have fled to Dubai
  • the one Debt Field principal nonetheless within the US is the one one pushing the “my brother was kidnapped” story

The SEC has signalled it intends to file a followup lawsuit and investigations within the US are ongoing. This led to the latest collapse of iX International, an MLM firm accused of partnering with Debt Field to defraud customers.

With FBI brokers within the US and Dubai additionally investigating, it’s assumed legal expenses can be filed in some unspecified time in the future however there aren’t any ensures.

With $400 million on the road, an exit-scam ruse that is senseless and at the least three US nationals and first suspects in Dubai, I believe we’ve lengthy since crossed over Debt Field’s fraud solely being a civil fraud matter.