Matt Lloyd cops $318 mill MOBE fraud FTC judgment order
Matthew Lloyd McPhee has been handed down a $318 million dollar final judgment.
There is considerable overlap between the Receiver settlement and the final order. The latter however brings the FTC’s proceedings against Lloyd to a close.
As per the March 5th order, the facts alleged in the FTC’s 2018 complaint are “taken as true”.
Namely that, through MOBE, Lloyd (right) and his co-conspirators bilked consumers out of over $125 million.
As part of the final judgment order, Lloyd received a $318.5 million dollar monetary judgment.
To satisfy judgment, Lloyd will surrender
- his Costa Rica, Fiji Resort and Kuala Lumpur properties, which will be sold by the Receiver;
- $839,421 held in a Bank of America account;
- $55,951 held in a Wells Fargo account;
- $10,000 held in a Regions Bank account;
- $19,213 held in a Branch Banking & Trust Company account;
- $4995 held in an Aquesta Bank account;
- $1081 held in a Fifth Third Bank account;
- $665 held in a First Citizens Bank account;
- $76,050 held in a Malayan Bank account;
- $237,763 held in a United Overseas Bank account;
- $107,161 held in a Royal Bank of Canada account;
- $18,974 held in a Westpac Bank Corporation account;
- $199,133 held in a Bank of Singapore account;
- $31,852 held in a National Australia Bank account;
- $335,475 held in a Credicorp Bank account;
- $1,169,692 held in a Vanguard Investments account;
- $17,233 held in a PayPal account;
- $1903 held in a Square, Inc. account;
- $2955 held in a Stripe account;
- $144,233 held in a Payout Systems account;
- $193,505 held in a Cash Network account;
- $148,490 held in an Offer Blueprint account;
- $49,652 held by the law firm David F. Sutherland & Associates;
- $6,314,342 held by QualPay Inc. in a Synovus Bank account;
- $2,096,967 held in an Allied Wallet account;
- $3,051,048 held in an Electronic Merchant Services account;
- $607,000 held in a Peoples Trust Company account;
- $211,357 held in Priority Payment Systems and Card Payment Systems accounts; and
- and and all other assets or funds tied to MOBE.
The known dollar amounts above come to $15,946,111. Tack on to that proceeds from the property sales and interest the Receiver has generated.
What’s left of the $318.5 million dollar judgment is suspended.
Based on sworn financial statements submitted to the FTC, although the $15.9 million falls well short of the $318 million judgment, Lloyd has been effectively stripped of MOBE related ill-gotten gains.
Lloyd is also permanently prohibited from having anything to do with business coaching programs or investment opportunities.
On the compliance front, Lloyd will have to keep the FTC informed of any changes to his personal or business details and/or activities for twenty years.
This includes accounting records (must be retained for five years), consumer complaints and any advertising material Lloyd’s creates.