Randy Crosby enters into settlement with TelexFree Trustee
Following on from the news that Randy Crosby had entered into settlement negotiations with the SEC late last year, a stipulated settlement with the TelexFree Trustee has been filed.
The Stipulated Settlement is dated March 21st and covers both Randy Crosby and his wife Sonya. The SEC have also signed off on the agreement.
As per TelexFree’s records, Randy Crosby’s TelexFree accounts netted him $487,620. Sonya Crosby’s accounts netted $541,450.
The settlement agreement will see Randy and Sonya Crosby surrender
- two bank accounts (an SMC Management account holds $50,000, the amount in the other SunTrust Bank account is not specified)
- a 2014 Porsche Cayenne Diesel SUV and
- a 2014 Porsche Panamera S Hybrid
One would assume the unspecified amount in the SunTrust Bank account is substantial. Or at least hope so.
Pending compliance with the settlement agreement, all claims by the Trustee against the Crosbys are released.
There is a separate settlement with the SEC which contains “additional terms”, however as at the time of publication details of the SEC settlement are not public.
Having been filed on March 21st, the Stipulated Settlement between Randy and Sonya Crosby and the TelexFree Trustee now awaits judicial approval.
Update 20th April 2018 – On April 19th Judge Hoffman approved the Crosby settlement.