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.