Traffic Monsoon cops $145 million final judgment in SEC case
Traffic Monsoon has had a $145 million Final Judgment entered against it.
I’m a little bit lost on the procedural side of things, as the Final Judgment follows a $2.5 million Jan 2021 default judgment order.
The Jan 2021 default judgment included Charles Scoville, leaving him jointly liable for $4.96 million (disgorgement and a civil penalty).
The February 4th Final Judgment only applies to Traffic Monsoon.
As per the judgement, Traffic Monsoon is up for $109.7 million in disgorgement and $35.9 million in prejudgment interest.
This amount
shall be deemed satisfied by the collection efforts to date and the future distribution of funds to allowed claims of investors by the Court-Appointed Receiver.
The court notes that the judgment against Traffic Monsoon
does not apply to or in any way alter Defendant Charles Scoville’s independent obligation to disgorge funds pursuant to the Final Judgment entered against him.
Traffic Monsoon’s Final Judgment brings a close to the SEC’s case. The Receivership will continue, working towards distributing recovered funds to victims with a valid claim.
I’m not expecting any significant updates but will continue to cover the Receiver’s clawback efforts and periodic reports (when there’s anything significant to report on).
As at May 2021, $36.3 million in victim claims had been approved.
Charles gets no jail time for actually running TM? and committing fraud??….just a gazillion dollar fine that he’ll never pay??..
Seems unusual to me..
Civil case so no jail time. The IRS got him for tax fraud though. That criminal case is still playing out (Scoville is being held in prison in the meantime).
Scoville was denied parole in November 2021.
His next chance is not till a November 2023 parole hearing.
Then comes the next trial for tax fraud.Hopefully he gets a long, long stretch.
How much money does receiver have for distribution?
36.3 million has been approved as claims – can people still file claims? If not, what could potentially happen if, lets say, receiver ends up having more money than total claims?
I am asking, because if I am not mistaken, doesn’t receiver have somewhere around 80 million?..
AFAIK if the amount recovered exceeds valid claims, the rest goes to the government.
How would you know how much the receiver has approved thus far? She nor her office has ever posted that info on the website they set up just for this case to keep members updated.
Here is the link for the only place to get accurate information about the case. dm.epiq11.com/case/tmon/info
On the home page, she states how much she has to work with (50 million) and how much the claims equaled. She states they are currently going through the process of the claims (accepting or rejecting) but never states how much has been approved thus far.
She simply says when the process is over she will submit a plan of distribution to the court for approval. Over 23,000 claims were made for way over the amount she has to distribute but I’m sure many of those claims are fake/unfounded.
Still, it will take time to go through them all and respond. I did receive an email asking if I agreed with the amount they showed that I was owed.
I responded the amount was correct. That was several months ago but it proves they are working through the claims.
I work off both the Receivership website and the case docket. Not all filings make it onto the Receivership website.
I appreciate you trying to help but the quoted approval amount is taken directly from a Receivership report. That ironically is available on the Receivership website.
I was scammed in 2016 for this criminal, I didn’t follow this case too much, because I live in Spain and I don’t get any information about this case.
If there any possiblity to get my money back?? Or better forget it??
Communication would have been sent out to the email address you registered with Traffic Monsoon. Living in Spain has nothing to do with anything.
In any event the claims submission deadline was in 2020. You’ve missed out.
It seems to me that the court will take a million dollars and the owner of the site will come out and will not pay anything, and this is how the fraud ends.
I see reality is not your strong suit. Good luck with that.
You’ll never guess what I just saw the other day.
At first I thought, hmmm, that sounds familiar.
LOL, then I thought it was some kind of joke.
(Ozedit: link removed, see below)
Owner info is Netherlands, so maybe just brazen hoopsbah.
Covered here: https://behindmlm.com/companies/traffic-monsoon/scammers-resurrect-traffic-monsoon-ponzi-add-crypto/
how long do we have to wait for?
As long as it takes.
Why is that? We v been waiting since 2015.
Because sorting through Ponzi schemes that take in hundreds of millions of dollars with little to no accurate record-keeping is messy.