In mild of date errors made in presenting its case, the SEC has opted to voluntarily dismiss securities fraud proceedings in opposition to iX World and Debt Field.
The revelation was made in a January thirtieth surreply submitting, made in response to why the SEC shouldn’t be sanctioned.
BehindMLM has beforehand coated the SEC’s date errors so I gained’t go into them once more. Suffice to say errors have been made by attorneys that ought to have identified higher.
As of January thirtieth, the SEC states in its surreply that it
is continuous to take steps to deal with the problems the Court docket recognized and to establish another points that will warrant additional consideration.
As a part of these steps,
skilled trial attorneys from the Fee’s Denver Regional Workplace have been assigned to this matter.
It seems the intent is to refile the case sooner or later with these attorneys on the helm.
To that finish;
The Fee has approved the submitting of a movement to dismiss this motion with out prejudice, which will probably be forthcoming.
Each Debt Field and iX World have requested the court docket for financial sanctions, which the SEC has opposed on authorized grounds.
As alleged by the SEC, and holding true regardless of whether or not SEC attorneys bought some dates incorrect, iX World and Debt Field orchestrated a fraudulent funding scheme to the tune of ~$110 million.
Whereas authorities within the US haven’t filed prison prices, Indian authorities have been busy dismantling iX World’s cash laundering operations.
This started with the arrest of Sailesh Pandey in October 2022.
Ringleader Viraj Patil was arrested final month, placing a cease to iX World proceed to defraud traders in India.
At time of publication Patil stays remanded to the custody of the Enforcement Directorate.
Legal prices have additionally been filed in opposition to iX World CEO Joe Martinez (proper).
Martinez’s Indian prices pertain to laundering of iX World investor funds by TP World FX, a fraudulent funding scheme run by Patil.
Martinez is believed to have been in India final month however managed to get again to the US with out arrest.
An open arrest warrant stays in place, making Martinez a wished fugitive.
On the Debt Field aspect of issues, a BehindMLM reader has tied cash laundering operations to Vertex World FZCO.
Vertex World FZCO is one other Dubai shell firm owned by Patil.
Whether or not the DOJ recordsdata its personal prison case within the US pertaining to the identical criminal activity stays to be seen.
Within the meantime, keep tuned for a choice on sanctions in opposition to the SEC.