Faith Sloan settles TelexFree Ponzi fraud with Trustee
In addition to being pursued by the SEC, TelexFree net-winner Faith Sloan also faced clawback litigation from the Trustee.
According to the Trustee, Sloan stole $710,319 from TelexFree victims.
Earlier this month we reported Sloan had reached a settlement with the SEC.
In light of that yet to be approved settlement, the Trustee and Sloan have separately reached a clawback settlement.
As per her settlement with the TelexFree Trustee, Sloan will turn over all funds held in a Bank of America account. How much is in the account has not been disclosed.
Sloan’s lawyer will also turn over $30,000 being held in escrow.
Sloan’s settlement with the SEC remains pending, with details yet to be made public.
Update 1st May 2019 – Sloan’s settlement with the TelexFree Trustee was approved on April 30th.
The stipulated SEC settlement remains pending.