Jonathan Sifuentes’ $85,000 MTC securities fraud settlement
Details of Jonathan Sifuentes Saucedo’s My Trader Coin securities fraud settlement have been made public.
As per an August 18th filing, Sifuentes admitted to securities fraud and will pay $85,000 in penalties.
As per Sifuentes’ signed securities fraud settlement;
Sifuentes sold unregistered securities in ten transactions for a total of $121,500.
Sifuentes made material representations and omissions when selling these investments, including promising returns of over 300% in 300 days while failing to disclose the risk of investing in a multilevel marketing business, failing to disclose the risks associated with cryptocurrency investments, and failing to disclose that earlier investors had not been able to withdraw principal as promised.
BehindMLM reviewed and identified My Trader Coin as a Ponzi scheme in 2017.
Sifuentes’ My Trader Coin settlement will see him pay $70,000 in restitution and a $15,000 civil penalty.
These amounts take into consideration $51,500 paid out to the consumers Sifuentes’ defrauded.
Sifuentes is also further prohibited from committing additional violations of Arizona’s Securities Act.
The ACC held a hearing on September 7th to discuss approval of Sifuentes’ settlement. As of yet there’s no confirmation of approval.
Sifuentes is already and continues to violate this clause of his MTC settlement, via operation of the Decentra Ponzi scheme.
Decentra is a reboot of Sifuentes’ collapsed Xifra Lifestyle Ponzi scheme. Both Ponzi schemes primarily target consumers in Central and South America.
Xifra Lifestyle and Decentra investors are pitched on 200% returns, paid out of subsequently invested funds.
As with My Trader Coin, neither Xifra Lifestyle or Decentra are registered with financial regulators.
Decentra’s launch coincided with Sifuentes fleeing to Dubai, following his arrest in Mexico earlier this year.
Of note is Sifuentes’, a Mexican citizen, signing and notarizing his MTC settlement in July in Guadalajara.
Guadalajara is the capital city of Jalisco, a state in Mexico’s west.
In August Decentra held a marketing campaign across south America, with the aim of further defrauding consumers.
Whether Sifuentes was in Mexico as part of those efforts or otherwise is unclear.
In any event, Decentra’s August promotional efforts don’t appear to have had much effect:
As tracked by SimilarWeb, traffic to Decentra’s website is down across the board. The only notable sources of traffic are Martinique (93%) and Taiwan (7%).
I have 4 different accounts, I hope we can get our money back.
There’s been no recovery proceedings for MTC. This was an regulatory action against the scammers running it.