Daniel Putnam settles $12 mill securities fraud case with SEC
Daniel Putnam has settled a $12 million fraud case filed against him by the SEC.
On January 3rd, the SEC filed a Motion for Entry of Judgment against Putnam.
Putnam consented to the requested judgment on December 30th.
If granted by the court, Putnam’s bifurcated judgment sees him permanently prohibited from further violating the Securities and Exchange Act.
Defendant will be precluded from arguing that he did not violate the federal securities laws as alleged in the Complaint.
Defendant may not challenge the validity of the Consent or this Judgment.
Specifically Putnam is barred from using securities (unregistered or otherwise),
to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
The SEC sued Putnam (right) in mid 2020.
Ill-gotten gains received through Putnam’s scams were laundered through R & D Global LLC and MMT Distribution LLC, also named defendants.
Being a bifurcated judgment, disgorgement, prejudgment interest and civil penalty amounts against Putnam remain pending. The SEC will file a motion requesting determination of the amounts at a later date.
I believe the timing of this filing hinges on the outcome of the SEC’s case against Putnam’s partners in crime; Jean Paul Ramirez and Angel Rodriguez.
Putnam settling will likely lead to settlements with Ramirez and Rodriguez at some point. This isn’t a certainty though.
In the meantime, the SEC secured permission to depose Rodriguez and Ramirez last month.
Rodriguez is scheduled to be deposed on January 17th. Ramirez will be deposed on January 25th.
Despite being sued for securities fraud and defrauding consumers, Putnam is still running and launching MLM companies.
Pending approval of Putnam’s securities fraud settlement judgment, stay tuned…
Update 17th February 2023 – Dan Putnam’s SEC fraud settlement was approved via judgment on January 6th.