Articles under ‘Traffic Monsoon’:

Traffic Monsoon Receivership order slightly amended

Following a request for briefings on the duties and powers of the appointed Traffic Monsoon Receiver, an amended order has been filed.

Traffic Monsoon appeal arguments scheduled for March 21st

Just a quick update on the Traffic Monsoon appeal, following arguments from both parties to be heard scheduled for March 21st. Both the SEC and Scoville have acknowledged the date, so barring any unforeseen events between now and then the hearing should take place.

Traffic Monsoon Receiver’s role in appeal under question

Traffic Monsoon’s injunction appeal appears to have hit a roadblock. The issue at hand is the role of the Receivership and to what extent the Receiver can represent Traffic Monsoon in the appeals process.

Traffic Monsoon Receiver recovers $4.3 million from Allied Wallet

On November 29th the Traffic Monsoon Receiver filed her Third Stats Report. In it the Receiver revealed over $4.3 million has been recovered from Allied Wallet.

Traffic Monsoon investor Paypal case stayed

Kingsley Ezeude and Chukwuka Obi respectively invested $2216 and $2238 into the Traffic Monsoon Ponzi scheme. Back in May the pair sued PayPal, alleging PayPal as aware that Traffic Monsoon was operating a Ponzi/pyramid scheme and that Traffic Monsoon was commingling investor money and paying existing investors with new investors’ money, in obvious Ponzi/pyramid scheme [Continue reading…]

Scoville addresses SEC, mixes religion with Ponzi scamming

I don’t profess to have familiarity with every religion on Earth. But as I understand it, with the exception of perhaps a few outliers, not stealing from people is a general rule accepted in most religions. This makes Charles Scoville’s latest religious themed rants on Facebook all the more bizarre. Put simply: How you going [Continue reading…]

Traffic Monsoon Receiver seeks to file amicus brief in appeal case

With both Charles Scoville’s and the SEC’s briefs filed in the Traffic Monsoon appeal case, Scoville now has the option of filing a reply brief. On October 20th Scoville requested an extension of time to file his reply, which was granted later the same day. The court gave Scoville until November 13th to file his [Continue reading…]

Receiver decides Traffic Monsoon victims will not file written claims (updates)

A common trait of multi-million dollar Ponzi schemes is a lack of independent accounting on the backend. Records are stored higgledy-piggledy and often riddled with errors and/or incomplete. Traffic Monsoon is no exception, with the Receivership currently sifting through millions of transaction records in an attempt to forensically piece together the business. While circumstances might change [Continue reading…]

Scoville’s new business to use bitcoin and be “outside the USA”

Charles Scoville is currently at the center of regulatory action against the Traffic Monsoon Ponzi scheme. After the granting of a preliminary injunction against Traffic Monsoon, based on the likelihood of the SEC winning at trial, Scoville filed an appeal. The appeal is still playing out in court, with a decision expected to be many [Continue reading…]

PayPal sued for facilitating Traffic Monsoon Ponzi fraud

Known throughout the MLM underbelly for it’s prohibition of Ponzi and pyramid schemes, PayPal nonetheless still pops up as a payment processor for various schemes. The problem with PayPal’s current fraud detection mechanisms is that, by the time it’s detected, the damage has already been done or PayPal quietly freeze the account. No information is [Continue reading…]