CFTC abandons fraud case against Control Finance
The CFTC has dropped their case against Control Finance.
On April 6th the court accepted the FTC’s motion to voluntarily dismiss Control Finance as a defendant.
Emphasizing the absurdity of the case, Control Finance’s fictional CEO Benjamin Reynolds is still an active defendant.
Following his failure to respond to the case, the court clerk recorded an entry of default against Reynolds on April 6th.
Given the CFTC has been thus far unable to trace who ran Control Finance, to what end pursuing default judgment against Reynolds benefits anyone is unclear.
Control Finance was a Ponzi scheme launched in 2017. The company was headed up by Benjamin Reynolds, a Boris CEO believed to have been portrayed by an actor.
The CFTC filed suit against Control Finance in June 2019, alleging it was a $147 million dollar Ponzi scheme.
The CFTC’s case relied on UK Companies House data which, not surprisingly, turned out to be fraudulent.
BehindMLM maintains that if an MLM company provides a UK incorporation certificate, just assume it’s a scam and walk away.
Update 25th March 2021 – The CFTC has secured a $517 million dollar judgment against Boris CEO Benjamin Reynolds.
Update #2 25th March 2021 – Control Finance CEO Benjamin Reynolds has been outed as Estonian resident Karl-Joonatan Mets.
Benjamin Reynolds: the Alan Smithee of financial fraud.