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.
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.