Citibank has settled with the Revenue Join Receiver for $65,000.
Revenue Join was an MLM Ponzi scheme the defrauded 880 shoppers out of $24.6 million.
The SEC sued Revenue Join and house owners Brent Carson and Irene Kovar (mom and son) in 2021. The SEC’s Revenue Join lawsuit noticed the appointing of a Revenue Join Receiver.
As a part of its fraudulent enterprise operations, Revenue Join paid Citibank $125,786 for bank cards it issued to traders.
In keeping with his court-appointed responsibility to pursue clawback actions, the Revenue Join Receiver put Citibank on discover for the quantity paid.
Following settlement negotiations, the events agreed Citibank would flip over $65,000 to the receiver. This represents just below half of the quantity paid.
Following a listening to on the settlement, the courtroom permitted the Revenue Join Citibank settlement on November 4th.
As per a November 1st filed Standing Report, the Revenue Join Receivership is sitting on $10.2 million in money and $17.2 million in whole fairness.
A Revenue Join sufferer declare portal was established final 12 months. The Receiver has submitted an interim distribution plan however the SEC is holding up approval.
As per a Minute Entry for the November 4th listening to;
Primarily based on the replace by counsel for the SEC, the courtroom continues the standing examine Movement to 12/19/2024.
Keep tuned as BehindMLM continues to trace the SEC’s Revenue Join case.