Former CEO and WorldVentures Director Michael Azcue has settled with the Spherature Investments Liquidating Trustee.

WorldVentures was a travel-themed  MLM pyramid scheme that collapsed through bankruptcy in 2020. Spherature Investments was WorldVentures’ parent company at time of collapse.

As part of his duties, the Spherature Investments Trustee sued Azcue (right) in October 2022.

As per the Trustee’s filed Complaint;

WorldVentures’ insolvency was ultimately inevitable. In the years leading up to its downfall, WorldVentures’ overall value was on a consistent decline.

Over the course of its life, WorldVentures incurred more than $80 million in tax losses. And as of the date it sought bankruptcy protection and relief, WorldVentures stood in $60 million of outstanding unpaid debt.

Despite the financial turmoil WorldVentures had been facing, it still agreed to buy out Azcue’s stake in WorldVentures for approximately $35 million, which was paid over several installments from July 2015 through June 2017.

WorldVentures did so even though it, through its management, knew that Azcue’s interest in WorldVentures was not worth anywhere near $35 million.

As a result of these fraudulent transfers, the Trustee seeks to avoid and recover the $35 million that rightfully belongs to the Trust and its creditors.

On July 3rd, 2024, the Trustee filed a settlement agreement resolving his claims against Azcue;

Azcue shall pay $850,000 in good funds, to the Trustee by no later than fourteen days after this Agreement has been approved by the Bankruptcy Court as set forth in Paragraph 3(B) of this Agreement and such order has become final.

A recovery of $850,000 represents just 2.4% of the $35 million Azcue misappropriated through WorldVentures.

Azcue’s Spherature Investments settlement received court approval on August 23rd, 2024.

As part of his settlement, Azcue agreed to testify against WorldVentures co-founder Wayne Nugent.

If requested by the Trustee, Azcue agrees to appear to testify in person at trial in Adversary Proceeding No. 21-4120, Coleman v. Wayne Nugent, et al,

The Spherature Investments Trustee sued Nugent in 2021, accusing him of “push[ing] the women and children out of the way to save himself”.

Instead of honoring the Company’s debt obligations, Nugent instead chose to “push the women and children out of the way” and save himself.

Indeed, on November 10, 2020 and November 11, 2020, respectively, Nugent executed two legal documents … forcing the Company into bankruptcy and causing more than $100,000,000 in damages to the Company.

The Trustee alleges Nugent pocketed at least $1,500,000 as a result of breaching his fiduciary duties to WorldVentures.

The outcome of the Trustee’s lawsuit against Nugent remains pending.