Jean Paul Ramirez Rico has settled a $12 million fraud case filed against him by the SEC.

On January 24th, 2023, the SEC filed a Motion for Entry of Judgment against Ramirez. Ramirez consented to the motion, constituting an effective settlement.

The court granted the SEC’s motion later the same day, leaving Angel Rodriguez the only defendant standing.

The SEC sued Ramirez and co-defendants Dan Putnam and Angel Rodriguez in mid 2020.

The regulator alleged the trio defrauded consumers through his Modern Money Team, Eyeline Trading and WealthBoss Ponzi schemes.

Ill-gotten gains received through Putnam’s scams were laundered through R & D Global LLC and MMT Distribution LLC, also named defendants.

Judgment was ordered against R & D Global and MMT Distribution on January 6th, the same day judgment was ordered against Daniel Putnam (right).

All judgments entered so far are bifurcated, meaning disgorgement, prejudgment interest and civil penalty amounts are yet to be determined.

The SEC will file a motion requesting determination of the amounts at a later date. I believe the timing of this hinges on wrapping up the case against Angel Rodriguez, either via settlement or trial.

Ramirez’s and Putnam’s settlements include an injunction, prohibiting them from committing further violations of the Securities and Exchange Act.

Given his two partners in crime have settled the fraud charges, it’s unlikely Rodriguez will proceed to trial.

 

Update 19th March 2024 – Angel Rodriguez has reached a settlement with the SEC.

A motion for Entry of Judgment against Rodriguez was filed on March 15th, pending court approval.

 

Update 22nd September 2024 – Over $16 million in disgorgement and monetary penalties was ordered against Dan Putnam and Jean Paul Ramirez on September 10th, 2024.