Debt Box promoter Ryan Bowen has been voluntarily dismissed from the SEC’s case.

A stipulation filing also provides clarity on how the SEC intends to handle the case going forward.

Specific details as to Bowen’s dismissal aren’t provided. In the filed April 2nd stipulation filing, the SEC states only that

as a result of certain exigencies that Defendant Bowen [right] has represented to the SEC, the SEC and Defendant Bowen move now to dismiss Defendant Bowen from this action, without prejudice.

The court approved the stipulation filing later the same day.

How the SEC intends to proceed with securities fraud charges against Debt Box and iX Global has been up in the air following court-ordered sanctions last month.

In the lead up to that order and in an attempt to clear up the mess, the SEC filed for permission to dismiss the case so it could start over.

The request was denied as part of the sanctions order. Now, in the Bowen dismissal stipulation filing, we learn;

The SEC presently intends to refile its motion to dismiss this action without prejudice as to the other Defendants and Relief Defendants and is preparing that motion.

It’s assumed after securing dismissal of the case the SEC will at some point refile.

Between the SEC’s investigation and that of a court-appointed Receiver, Debt Box’s and iX Global securities fraud has been pegged at $110 million.

It has emerged that recently Debt Box principals have travelled to Dubai.

Dubai is the MLM crime capital of the world. Such is the extent of corruption in the UAE that we only see MLM companies set up shop there to commit of further commit acts of fraud (typically securities fraud, wire fraud and/or money laundering).

One of the primary drawcards for scammers is that the UAE does not have an extradition treaty with the US. Nor does the UAE itself actively regulate MLM related fraud.

Debt Box’s principals turning up in Dubai follows the collapse of IN8 NFT, a securities fraud joint venture with iX Global.

Whether Debt Box principals are just visiting Dubai or have fled there permanently is unclear.

Also unclear is, in addition to civil charges filed by the SEC, whether parallel criminal charges pertaining to Debt Box’s $110 million in alleged fraud are pending.

As part of an separate ongoing investigation into fraud, India has an open arrest warrant issued for iX Global CEO Joe Martinez.