Following settlement of fraud fees associated to operation of a number of MLM Ponzi schemes, financial reduction has been ordered in opposition to defendants Dan Putnam and Jean Paul Ramirez Rico.
The SEC sued Ramirez, Putnam and Angel Rodriguez in mid 2020. The federal regulator accused the trio of defrauding shoppers out of $12 million.
Particular MLM crypto Ponzis the SEC linked to Ramirez, Putnam and Rodriguez embrace Fashionable Cash Crew, Eyeline Buying and selling and its WealthBoss reboot.
Putnam (proper) settled the SEC’s alleged fraud fees by way of consent order on January sixth, 2023. Ramirez settled on January twenty fourth, 2023, and Rodriguez settled on September fifth, 2024.
As per a September tenth Memorandum Choice and order granting a beforehand filed SEC movement for reduction;
- Dan Putnam, Fashionable Cash Crew and R&D International are collectively accountable for $1.9 million disgorgement and $336,593 in prejudgment curiosity ($2.3 million)
- Jean Paul Ramirez Rico is accountable for $4.6 million in disgorgement and $792,357 in prejudgment curiosity ($5.4 million)
- Dan Putnam and Jean Paul Ramirez are collectively accountable for $1.2 million plus $213,990 in prejudgment curiosity ($1.4 million)
- Dan Putnam pays a $1.96 million civil penalty
- Jean Paul Ramirez Rico pays a $4.6 million civil penalty
- Fashionable Cash Crew pays a $288,078 civil penalty
- R&D International pays a $288,078 civil penalty
As a part of his September fifth consented to order, Angel Rodriguez is up for $45,000 in disgorgement, $6204 in prejudgment curiosity and a $45,000 civil penalty.
In 2020 the SEC additionally sued Putnam’s then seventy-six 12 months previous father, Richard T. Putnam, as a reduction defendant. The SEC alleged Richard Putnam acquired cash obtained by fraud by R & D International LLC.
On March 18th, 2024, the SEC moved to dismiss Richard Putnam as a defendant.
The SEC seeks dismissal as a result of it believes it’s unlikely that continued prosecution of its disgorgement declare in opposition to Richard Putnam will result in further reduction for defrauded traders past that already requested within the SEC’s movement for financial reduction.
The court docket dismissed Richard Putnam as a reduction defendant on September fifth.
Following the September tenth judgment in opposition to Dan Putnam and Ramirez, the court docket ordered the SEC’s case closed. The order additionally brings BehindMLM’s protection of the Putnam, Ramirez and Rodriguez SEC fraud case to a detailed.