Upon studying she was underneath investigation for fraud again in 2021, Shelly Cullen quipped;
Fuck the results, I ain’t scared.
I bounce from rip-off to rip-off as a result of I can. What’s the results? [A] $600,000 slap on the hand.
Following a conviction again in January, the North Shore District Court docket has sentenced Cullen to a $5.9 million NZD judgment (~$3.6 million USD).
Seems whereas Cullen (proper) factored within the most penalty as a tremendous for breaching New Zealand’s Honest Buying and selling Act, she failed to think about disgorgement.
As reported by The New Zealand Herald earlier at the moment;
Choose Anna Skellern sentenced [Cullen] in her absence to a tremendous of $600,000 cut up throughout the 5 fees — $110,000 every.
She additionally ordered an extra penalty underneath part 40A of the Honest Buying and selling Act 1986 of $5,328,849, representing the courtroom’s estimate of how a lot Cullen had created from her schemes.
Sadly there isn’t any felony jurisdiction inside the Honest Buying and selling Act.
The NZ Commerce Fee charged Cullen for breaches of the Honest Buying and selling Act, following an investigation into her promotion of Lion’s Share.
Lion’s Share was an MLM crypto Ponzi run by US resident James Ward. Cullen was a prime promoter of the rip-off, particularly focusing on New Zealand residents and Pacific Islanders.
Whereas she talks a tricky discuss on-line, upon studying of the NZCC’s investigation Cullen fled to Cyprus.
Cullen is believed to be nonetheless be residing in Cyprus, residing off funds stolen by means of fraud.
Cullen’s present scams are Mavie International and CashFlow NFT (aka Miracle Money & Extra).
To that finish New Zealand’s Monetary Markets Authority issued a securities fraud warning earlier this week, citing Cullen’s promotion of the 2 Ponzi schemes.
Ms. Cullen is understood to focus on completely different communities in New Zealand, selling varied cryptocurrency and financial-related services and products, none of which seem like regulated both in New Zealand or abroad.
At time of publication Cullen has not publicly responded to her $5.9 million sentencing.