BehindMLM published a review of Terrence Pounds’ Keep It 100 Ponzi scheme earlier this month.

What I didn’t know at the time is Pounds had previously been indicted on fourteen counts of COVID-19 loan fraud.

Pounds (right) and five accomplices were indicted on April 29th, 2021.

Pounds’ alleged fraud pertains to the Economic Injury Disaster Loan program (EIDL) and Paycheck Protection Program (PPP).

Both the EIDL and PPP were part of the Coronavirus Aid, Relief and Economic Security (CARES) Act.

The Economic Injury Disaster Loan program … provided loan assistance for certain businesses negatively affected by the COVID-19 pandemic.

Non-profit applicants and non-agricultural for-profit applicants were both generally eligible to receive an EIDL loan of up to $150,00, with a 30-year scheduled repayment, deferred for 12 months.

PPP loans were “forgivable loans to small business for job retention and certain other expenses.”

As alleged in Pounds’ indictment, he and his accomplices engaged in a conspiracy to

unjustly enrich themselves by obtaining EIDL and PPP loan proceeds under false pretences, and to prevent detection of the conspiracy.

Pounds’ accomplices are alleged to have provided him with their personal information, which he then used to apply for EIDL loans.

In exchange for handing over their personal information, Pounds promised his accomplices a cut of the fraudulent loan proceeds.

Pounds applied for the fraudulent loans through fictional non-profit organizations he represented were “faith based organizations” and/or “churches”

with $1,000,000 in revenue, 15 employees, had goods that cost between $300,000 and $301,123 and (were) formed on January 1, 2019.

Two of the companies cited in Pounds’ indictment are CBD 4 Real and Truth Ministries Global, which BehindMLM cited in its Keep It 100 review.

In one Truth Ministries Global fraudulent loan application, Pounds falsely claimed;

We feed the less fortunate and underprivileged, we visit the prisons, we have 24 hours per day and 7 days per week phone line open for prayers and counseling. We have church services twice per week.

Upon receiving funds through the approved loans in their respective bank accounts, Pounds’ accomplices transferred him his portion of the loan.

Pounds and his accomplices attempted to defraud the US government out of over $9 million in fraudulent loans.

They spent the money on motor vehicles and personal expenses.

As a result of the conspiracy … Pounds (and his accomplices), together with others, submitted and caused to be submitted fraudulent PPP loan applications, and at least 60 fraudulent EIDL loan applications, seeking a total of approximately $9 million in PPP and EIDL loan proceeds.

Of the $9 million in loans Pounds applied for, approximately $3.3 million was paid out.

In his indictment Pounds faces one count of conspiracy to commit wire fraud, eight counts of wire fraud and four counts of engaging in a monetary transaction in property derived from criminal activity.

The DOJ is seeking forfeiture of Pounds’ ill-gotten gains, including the surrender of a

  • 2020 BMW X4
  • 2021 Chevrolet Tahoe
  • 2021 Kia Telluride and
  • 2020 Hyundai Elantra

Pounds was arrested on May 4th, 2021.

Following his initial appearance, Pounds was released on a $50,000 unsecured bond and a trial was scheduled for July 12th, 2021.

Arguing that his case was complex, Pounds secured a continuance of his trial on June 11th. His trial was rescheduled for January 19th, 2022.

On January 4th, the court again postponed Pounds trial, this time to May 16th, 2022.

On May 11th, Pounds pled guilty to all but one of the fourteen counts in his indictment. Sentencing was scheduled for September 6th, 2022.

On May 12th, the DOJ secured a forfeiture order on the vehicles Pounds purchased with the proceeds of his COVID-19 loan fraud.

On August 16th, the DOJ requested a continuance of Pounds’ sentencing. At this time only one of Pounds’ accomplices had also pled guilty. The remaining four accomplices were scheduled to face trial on October 31st.

The DOJ requested Pounds’ sentencing be continued till after his accomplices’ trial. The court approved the DOJ’s motion on August 17th. Pounds was now scheduled to be sentenced on December 20th.

As of December 2nd, one of Pounds accomplices had still yet to have their trial. The trial had been continued to January 31st, 2023.

This prompted the DOJ to file for another continuance on Pounds’ sentencing.

The court approved the DOJ’s motion on December 5th, rescheduling Pounds’ sentencing to March 28th.

On March 14th, the DOJ filed for another continuance on Pounds’ sentencing. The remaining accomplices’ January trial had been continued to May 22nd, 2023.

The court approved the DOJ’s motion on May 5th. Pounds’ sentencing was continued till June 28th.

On June 22nd, the DOJ again filed for another continuance on Pounds’ sentencing. The remaining accomplices’ May trial had been continued to August 29th, 2023.

The court approved the DOJ’s motion on June 22nd. Pounds sentencing has now been continued to September 26th.

It appears that while he was out on bond awaiting sentencing, Pounds launched the Keep It 100 Ponzi scheme on or around March 2023.

SimilarWeb tracked ~411,000 visits to Keep It 100’s website in June 2023, 30% of which originated from the US.

Pending further action by US authorities, how much additional money Pounds has stolen through Keep It 100 is unclear.

 

Update 25th July 2023 – Terrence Pounds now claims he isn’t running Keep It 100.

 

Update 29th July 2023 – Keep It 100 has collapsed.

 

Update 13th September 2023 – Following a September 6th filing from the DOJ, Terrence Pounds’ sentencing has been reset for October 31st.

The stated reason for the reset is the delay of codefendant Terri Davis’ trial (now October 24, 2023).

The DOJ states Davis’ trial will “shed significant light on the nature and circumstances of the offense”.

Pending his sentencing, Pounds continues to defraud consumers through promotion of Ponzi schemes on YouTube.

 

Update 12th November 2023 – Terri Davis pled guilty on September 12th (the same day as my last update so I missed it).

Davis is scheduled to be sentenced on January 16th, 2024. As a result, Pounds’ sentencing has been rescheduled for January 23rd.

In an October 20th Joint Motion filing, the DOJ states;

Between now and Davis’s January 16 hearing, at which circumstances of their participation in the scheme will be assessed, the government believes that postponing Pounds’s hearing until after those hearings will provide the Court with the proper context for Pounds’s hearing.

Pounds continues to promote MLM crypto Ponzi schemes on his YouTube channel.

 

Update 24th January 2024 – On January 12th Terri Davis’ sentencing was rescheduled for February 8th, 2024.

This in turn prompted Terrence Pounds’ sentencing to be pushed back to March 19th.

Pounds continues to promote MLM crypto Ponzi schemes on his YouTube channel.

 

Update 9th February 2024 – Terri Davis has been sentenced to two years probation and $76,786 in restitution.

 

Update 5th April 2024 – Terrence Pounds was sentenced to 7.8 years in prison on March 20th.

As part of his judgment, Pounds will also have to pay back $4.2 million in restitution.