Following settlement of fraud expenses associated to operation of a number of MLM Ponzi schemes, financial aid 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 embody Trendy Cash Crew, Eyeline Buying and selling and its WealthBoss reboot.
Putnam (proper) settled the SEC’s alleged fraud expenses through 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 Resolution and order granting a beforehand filed SEC movement for aid;
- Dan Putnam, Trendy 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 can pay a $1.96 million civil penalty
- Jean Paul Ramirez Rico can pay a $4.6 million civil penalty
- Trendy Cash Crew can pay a $288,078 civil penalty
- R&D International can pay 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In 2020 the SEC additionally sued Putnam’s then seventy-six yr outdated father, Richard T. Putnam, as a aid defendant. The SEC alleged Richard Putnam acquired cash obtained via fraud via 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 aid for defrauded traders past that already requested within the SEC’s movement for financial aid.
The courtroom dismissed Richard Putnam as a aid defendant on September fifth.
Following the September tenth judgment in opposition to Dan Putnam and Ramirez, the courtroom ordered the SEC’s case closed. The order additionally brings BehindMLM’s protection of the Putnam, Ramirez and Rodriguez SEC fraud case to an in depth.
