Cardiffs incarcerated, Poujade fined $5000 a day for contempt
A long history of ignoring court directives has resulted in an incarceration order for Jason and Eunjung Cardiff.
Jacques Poujade, who the FTC allege helped the Cardiffs conceal hundreds of thousands of dollars, will also be fined $5000 a day for non-compliance.
Back in June we reported the Cardiffs were facing incarceration over contempt.
The FTC’s contempt motion alleged the Cardiffs (right) had
failed to report assets and entities of which they were directors, officers, and owners.
The Cardiffs have dissipated domestic or foreign assets, and hindered the repatriation of assets.
They have failed to provide the FTC and Receiver with required information about business entities they operated or controlled.
They have failed to deliver assets to the Receiver.
They have failed to provide to the Receiver a list of all assets and accounts of the Receivership entities and the Cardiffs held in other names.
They have interfered with the Receiver’s efforts to take possession of assets or documents subject to the receivership, and disposed of assets belonging to the Receivership and the Cardiffs.
And they have failed to comply with expedited discovery.
Jacques Poujade, who is believed to own the loan and mortgage companies Loan Plus and Tri-Emerald Financial Group respectively, was named as a co-conspirator in the Cardiff’s alleged contempt.
As revealed in an October 29th court filing,
at the end of the three-day hearing on the Order to Show Cause (July 29-31, 2019), the Court found that Jason Cardiff, Eunjung Cardiff, and Jacques Poujade were in contempt of the Court’s Temporary Restraining Order and Preliminary Injunction.
Upon hearing arguments from all parties, the court determined Jason and Eunjung Cardiff
were totally unbelievable, that they lied, that they worked in concert with each other and with others to avoid and violate the conditions of the orders of the Court.
The court also determined Jacques Poujade (right)
was totally unbelievable, that he lied and perpetrated a fraud on the Court in conjunction with Jason and Eunjung Cardiff, and that he created a paper trail perpetuating the fraud on the Court, to advance the interest of the Cardiffs to the detriment of the public, government agencies, the Receiver, and the Court.
As a result of these determinations, the court sided with the FTC and ordered the Cardiffs and Poujade to comply with several monetary and asset surrender orders.
The Cardiffs and Poujade were also ordered to provide the FTC and RengaLife Receiver with detailed accounting reports, as well as other requested documents.
As of October 29th neither the Cardiffs or Poujade had complied with the court’s July order.
As such the October 29th order states that
For each day that Defendants (the Cardiffs) do not comply with the terms of this Order … Defendants will be incarcerated.
For each day Mr. Poujade does not comply with the terms of this Order … Mr. Poujade will be ordered to pay the Court:
(1) $5,000 per day for the first seven days,
(2) $10,000 per day for the following seven days,
(3) $15,000 per day for the following seven days, and
(4) an increase of $5,000 per week until he comes into compliance.
The Court may, in its discretion, revisit Mr. Poujade’s sanction and later order coercive incarceration if a monetary sanction proves ineffective in securing Mr. Poujade’s compliance with the Court’s orders.
As at the time of publication, there is no indication on the case docket as to whether the Cardiffs and/or Poujade have since complied with the court’s orders.