Charles Scoville didn’t maintain Traffic Monsoon financial records
A common theme in Charles Scoville’s lengthy Facebook rants about the SEC, is that Traffic Monsoon had enough money to pay off investors.
What most affiliates haven’t realized is that Scoville isn’t talking about the total $55 ROI offered, but rather the partial ROI amounts shown in their backoffices.
Payment of this amount would leave the majority of Traffic Monsoon affiliates with a loss (with respect to how much they initially invested).
What makes Scoville’s claims even more questionable now, is the revelation that neither he nor Traffic Monsoon maintained any financial records with respect to the business.
The claim was made by the court-appointed Receiver, who is seeking to engage Berkeley Research Group as accountants for the Receivership.
According to the Receiver, Charles Scoville has informed the Receivership ‘that no financial records were maintained‘.
From the Receiver’s filing, it appears she also expects to be chasing down funds offshore.
To this end the Receiver explains why she chose Berkeley Research Group in particular;
While the Receiver believes that the majority of forensic accounting work will be done by BRG professionals located in Salt Lake City, Utah, she has chosen BRG as her accountants, in part, because BRG is an international consulting firm.
The Receiver believes, based on her investigation to date, that access to BRG international professionals will be beneficial and will aid the Receiver in maximizing the assets and value of the Receivership Estate.
I suspect over the coming months I’ll be reporting on attempts by the Receiver to recover funds squirreled away in offshore bank accounts and/or trust funds.
The Receiver’s motion was filed on August 31st and is currently awaiting a decision.
Update 7th September 2016 – In a September 6th order Judge Parrish has granted the Receiver’s request to engage Berkeley Research Group as forensic accountants.