iX Global TRO dissolved, concerns about Dubai
The Temporary Restraining Order freezing iX Global’s and Debt Box’s assets has been dissolved.
The somewhat concerning court order was made on October 6th.
The iX Global TRO was granted ex-parte as part of an SEC lawsuit now alleging $110 million dollars in fraud.
The order also saw the appointment of a Temporary Receiver, which has now also been dissolved. After a brief transition period, control of seized assets will be returned to iX Global and Debt Box.
A Status Report on the transition is expected sometime next week.
Unfortunately reasoning behind the Utah court’s decision was not recorded in an order or on the case docket.
Of concern is, as part of their initial Complaint, the SEC documenting Debt Box’s owners’ efforts to evade justice by laundering stolen investor funds and fleeing to Dubai.
This was confirmed in preliminary findings filed by the Temporary Receiver, who
identified millions of dollars in Fiat Assets either transferred overseas or for purported overseas operations by Receivership Entities.
Owing to its practice of enabling financial crime and sheltering criminals, Dubai is the MLM crime capital of the world.
Practically speaking if plans to launder funds and flee resume, regulatory enforcement by the SEC against the Debt Box defendants will be incredibly difficult.
In other updates, the iX Global Defendants also filed a Motion to Dismiss the SEC’s case on October 6th. A preliminary injunction hearing remains scheduled for October 30th.
If granted, the preliminary injunction would see a return to the status quo. That is prevention of further dissipation of stolen funds, pending the outcome of the SEC’s case.
Update 22nd October 2023 – On October 16th the court vacated the upcoming October 30th preliminary injunction hearing.
No reason for the decision was given. Nor has a new date been set yet.
That’s a perplexing outcome.
On one hand it would be awesome if the Debt Box defendants dicked off to Dubai over the next 20 days. If for nothing than for the Judge to learn why you don’t give perps, with access to millions, caught in the act of trying to flee another opportunity to do so (what is this, Europe?).
On the other hand, RIP victims if that happens.
They are still guilty. They just paid hush settlement portion of the fraud. Keep up the good work Oz. You are correct 99 to 1.
If there was a settlement it’d be reflected on the docket.
May someone link me to the docket please?
The docket is accessed through Pacer, you’ll need to make an account.
This is interesting. I wonder why the Judge let them off the hook.
The reason that was bantered about and which now appears to be true is that the SEC prosecutor fabricated that they were moving money, closing accounts and headed overseas.
When that proved not to be true, it was embarrassing for the judge and mostly for the SEC lawyers.
They can now bring their case but the extraordinary act of freezing assets of companies and individuals is only allowed if it can be proved there is a clear, obvious and timely need.
That has been disproved.
Remember that even if you THINK there is malfeasance (or rape, murder, theft etc) our courts are supposed to assume innocence.
Looks like these prosecutors got a bit humbled here.
Unless you were in the courtroom, please don’t make up fan-fiction.
And if you are, at least make it believable. There are no prosecutors in this case.
The Receivership confirmed attempts to launder money and flee to Dubai based on a separate investigation once control had been established.
We also know the name of the UAE shell companies funds were being laundered through:
In Dubai they had set up Digital Commodity House FZCO and Digital Commodity Software House FZE.
I had also independently heard about fleeing to Dubai before the SEC action was filed.
The next major update in the case is the October 30th preliminary injunction hearing. If anything is verifiable re. the dissolution decision in the meantime, I’ll report on it.
Who is making up fan-fiction now?
My narrative fits (Ozedit: fan fiction and abuse removed)
Facts only. Narrative based on fan-fiction = misinformation = spam-bin.
If you have any supporting evidence that the SEC “fabricated evidence” I’ll run the story. But you’ve already revealed your hand with the abuse. S’long.
Talk about “making up stories” this reads like a mlm-victim fanfic. So many factual errors with the slightest of a factual undertone made to sound like the truth.
Your narrative is a round peg in a square hole, it may look like it “fits” but it doesn’t fit properly.
Well if that’s the case then I think everyone opposing it has it wrong….. just start an MLM and copycat the same thing they are doing and then there are no consequences ever, problem solved.
Ix global is claiming that the TRO is dissolved. (Ozedit: Snip, please read the article you’re commenting on)
OZ – Please share the link (if you have) of the court order where the entire court order may be downloaded .
The case is on Pacer. You’ll need to create an account with them.
Article updated to note vacated October 30th injunction hearing.