Faith Sloan settles SEC’s $1.2 million TelexFree fraud case
With the clocking ticking down towards her TelexFree trial, now news that Faith Sloan has reached a settlement with the SEC.
In an April 3rd joint filing, the SEC moved for a continuance of Sloan’s May 13th trial date.
The regulator claims it has ‘arrived at a settlement in principle to settle the Commission’s claims against Faith Sloan‘.
Late last month the SEC moved to drop two securities fraud claims against Sloan, leaving a standing $1.2 million million dollar motion for summary judgment.
Details of the proposed settlement between the SEC and Sloan are yet to be made public.
The SEC writes it has “begun the process of seeking” approval of settlement, which it expects to be decided upon by June 30th.
In light of this, the regulator sought a continuance of Sloan’s trial date to “no earlier than” July 1st.
On April 4th Judge Gorton partially granted the motion, allowing for a 4 week continuance.
Sloan’s new trial date has been scheduled for June 10th, pending a stipulation of dismissal if the SEC’s settlement is approved before that date.
Despite being subject to a preliminary injunction that prohibits her from committing further acts of securities fraud, Sloan continues to promote fraudulent investment schemes.
Sloan’s latest schemes are WoToken and Super Coding Fly, two crypto bot Ponzi schemes she openly promotes to the public.
To date the SEC has not addressed Sloan’s continued violation of her May 7th, 2014 preliminary injunction.
Update June 5th 2019 – On June 3rd a $778,455 final judgment order was filed against Sloan.
What I wanna know! Shall we the victims wait until court disposes off the criminal cases against the promoters before compensation is done or the compensation can take off as the criminal cases continue to be heard?
Godfrey
No idea. That’s up to the Trustee.
stop waiting for a distribution. it is not likely that it will happen. that process has stalled. in a week were gonna see a “status update” from the trustee, just giving us some numbers and facts as to “where the process stands”(same as they did in january, and september before that and so on…), which is all we’re ever gonna get, updates and interim fee applications….. an actual distribution, was never really within their plans.
half a decade, a full FIVE years later, all were getting is a status update.
#keepwaiting
Andrew why is it that they are doing all this donkey work if we should forget about distribution!
So if her funds were frozen does that mean they will be released to pay the victims.
So she is free to repay $1.2 million.
They are waiting and watching her do more crime in ponzi land.
I guess she feels confident the worse is over.
So they can keep collecting their fees and making money. There a hundres of millions of dollars for them to slowly colect for years to come. Theyve been collecting for five years. And will continue for many more.
As i said. We would see this week a “status update” wich has now been uploaded to kcc, and like i could forsee, theyre just telling us “how the process is doing” and not giving us anything definite expect more “we will continue ti work and update the victims”… wich again, will never result in a distribution.
TelexFree is a HUGE case that involved people in multiple countries. It was a mess, and it will continue to be a mess.
It will result in a distribution when they determined it’d be better for the victims than wait and hope to collect more. You *WILL* get some, but it’ll probably be less than you think.
You people you seem to be telling me the truth because it is like the Justice system the world over is gone to the dogs!
Thank you Andrew and K.Chang!
Godfrey.
TWIMC
kccllc.net/telexfree/document/1440987190412000000000005