Receiver decides Traffic Monsoon victims will not file written claims (updates)
A common trait of multi-million dollar Ponzi schemes is a lack of independent accounting on the backend.
Records are stored higgledy-piggledy and often riddled with errors and/or incomplete.
Traffic Monsoon is no exception, with the Receivership currently sifting through millions of transaction records in an attempt to forensically piece together the business.
While circumstances might change in the future, at this time the Receiver has determined, based on the sheer amount of data being processed, that Traffic Monsoon victims won’t be submitting written claims.
The revelation was made in the Receiver’s second Status Report, filed on July 31st.
It will not be efficient or beneficial to have investors submit written proof of claims due to, among other things, the number of investors, their varied locations, and the fact that Traffic Monsoon did not keep reliable contact information.
Another topic of interest is Scoville’s naming of Traffic Monsoon as an appellant.
Traffic Monsoon has been placed under complete control of the Receivership, who did not authorise it being named an appellant in the appeal.
The Receiver intends to have this issue stipulated upon in “the next reporting period”.
As reported in our update yesterday, Scoville has been granted a September 5th extension to file a petitioner brief.
Getting back the Receiver’s report, mention of a “security enforcement” also caught my eye.
During the reporting period the Receiver has been contacted by several groups of investors in various contexts, including counsel in a proposed class of investors who claim to have used PayPal for their Traffic Monsoon investments, and a group of investors who claim that their money was invested with Traffic Monsoon through a person who is now involved in a security enforcement action outside of the United States.
No idea who this person is or what the referenced security enforcement action is. Ernie Ganz comes to mind but I’m unaware of an enforcement action.
Anyone got any guesses as to who this person is?
A final point of interest is the Snoork hosting issue. Scoville hosted Traffic Monsoon’s servers on Snoork for $11,884 a month.
The Receivership had no interest in maintaining this arrangement and tried to negotiate a reduced fee. Snoork wouldn’t budge.
Not wanting to surrender the sensitive Traffic Monsoon investor data on the servers, the Receiver filed a motion requesting permission to erase the data and terminate the Snoork hosting agreement.
Scoville opposed the motion and wanted to preserve the data and continue paying the monthly fee. The court denied his opposition however and granted the Receiver’s request.
Our next update is expected to be coverage of Scoville’s appellant brief on September 5th. Stay tuned…
uh, believe it or not, scumville is actually comparing traffic monsoon operations as similar to the oprah show!!
oprah didn’t ponzi bankrupt herself giving ‘gifts’ to her audience. the gifts were surprises and not ‘expected’ by audience members in return for buying tickets.at the most they were a marketing strategy to sell tickets and a measure of the largesse of oprah.
TM = oprah show!!
whatever pitiful explanation is scumville going to invent next?
also, scumville thinks the judge is a lazy bum who wont read through his beautifully crafted arguments in their entirety:
if his briefs contain arguments about how TM was like the oprah show, its a good thing the judge didn’t read it!
dont want her throwing her gavel at people 🙂
seems like ganz has scammed everyone in traffic hurricane:
meanwhile on his FB page ganz is busy posting photos of his expensive car and his piggy eating adventures. not a peep about traffic hurricane.
a desperate affiliate wrote on june 21st:
no response forthcoming from ganz!
ganz will steal your money and then have the temerity to insult you to boot!
i hope he’s the one with the enforcement action against him!
I wish the Receiver just named whoever it is in their report.
I mean it’s not a secret if Traffic Monsoon affiliates know about it, but why then can’t I find anything public about it?
Argh.
Oprah didn’t advertise a fixed dollar ROI and then use audience funds to pay each and every audience member more money than they paid for tickets (aren’t tv show tickets free anyway?)
Christ Scoville’s a moron sometimes. And I don’t blame the Judge for not reading the arguments (if true). The poor court clerk on the other hand…
Whatchoo mean “SOMETIMES” Willis ????
The tickets to Oprah were FREE, thus his whole argument is false just like his newest defense is this is not about his being guilty or not but liable nonsense.
I think he is going for the insanity defense since he knows he is going to lose the civil trial. His string of posts will be used by his attorneys to show he has lost all sense of reality.
Just a hunch on my part, but let’s just say I won’t be surprised if they try this line of defense.
Here’s thee situation with the members of TM and the claims process:
Many of the TM members were able to do chargebacks, and since they got all their money back no claim will be filed by them. My guess is this represents about 10% of the total paid TM members.
Then you have many members who have just walked away and want nothing more to do with TM.
Then you have those that believe Charles is innocent and this is just a big government and the evil SEC shakedown of Charles for a cut of the action. They are not going to cooperate with the Receiver at this time.
Once all the appeals are exhausted and this goes to trial, then if Charles loses, many will then file a claim with the Receiver. Still many won’t because of the conspiracy theory they will have bought into.
In thee ASD Cash Generator case only about 60% of the victims filed an approved clam, and in the Zeek case only about 75% actually filed an approved claim.
In the end, it will be interesting to see just what percentage of the victims actually file a claim that is approved. One thing is for sure, the smaller the percentage who do file a claim and it is approved, the amount they receive will be much larger than if all the victims filed a claim. In ASD, due to the small percentage who filed a claim, they got 100% of their money back.
Hello, do you guys know whether the time co report at the Reciever to get a refund from TM is now or will that time come in the future by Recievers report?
Regards
We’re a ways off a claims process yet.
I’ve been reading all the case notes and from what I can gather Scoville lied through his teeth about everything then requested the state pay his accommodation and expenses however he would not agree to give the real story and sign a document to say everything he has said thus far is the truth.
I did notice a repetitive nature to his claims there is no money in the Dubai account. Almost as if he was trying to hide something from the SEC (read from the transcripts).
Scoville obviously does not realise that dragging this out across the various circuits in the justice system is going to cost him dearly and the idiotic few are still sending money to his fake crowdfunding appeal where he is despicable enough to drag his own Mother and Kid into it and using them for the sympathy vote.
You should read some of the letters ‘investors’ have been sending to the SEC. Quite enlightening. (the communications pdf on the receivers site)
But still the blind will refuse to open their eyes.
And what have we had this month? LetsMultiply cash gifting and now 50centfreedom.
When will people learn?
People won’t learn because they are as greedy as the people setting these programs up.
They want money, they join, then share with others so they all end up scammers. The people that get in too late lose.