SEC Declines Comment On Whether It Contacted Traffic Monsoon Pitchman Sunil Patel About Saturday Rally In England
Sunil Patel: From Facebook video.
Traffic Monsoon pitchman Sunil Patel has promised “security” at a “Revolution Day” rally Saturday in the area of Brighton Beach/Brighton Pier in England to advocate for the alleged Ponzi scheme.
In a video post today on Facebook, Patel claimed the SEC has contacted him about the event.
The SEC this afternoon declined to comment on Patel’s claims and his public efforts to get Traffic Monsoon participants to sign a sworn “affidavit” that declares the agency a “third-party interloper.” The Sussex Police did not immediately respond to a PP Blog inquiry about the event. There may be scores of Traffic Monsoon victims in England, potentially setting the stage for trouble between supporters of the SEC’s action and supporters of the “program.”
Last month the SEC alleged that “more than 99% of Traffic Monsoon’s revenue is derived from new investor funds, making claims that it is a successful advertising business merely an illusion.” A federal judge imposed an asset freeze.
The SEC’s action against Traffic Monsoon and alleged operator Charles Scoville of Utah is the most recent of several major cases the agency has brought against “programs” that operate across borders. Others include TelexFree, Zeek Rewards and WCM777.
Combined, the schemes are alleged to have resulted in billions of dollars of illicit business. Some of the funds were fraudulently moved to the far corners of the world.
On Tuesday from Washington, the Justice Department announced that a money-mover in the Zeek case had been sentenced to 15 months in federal prison for obstruction of justice for fraudulently moving a pile of cash offshore. Jaymes Meyer, the operator of Preferred Merchant Solutions, was convicted on charges of trying to hide millions of Zeek dollars from the SEC, the court-appointed receiver and government investigators.
The SEC charged Zeek in August 2012.
Patel says that Traffic Monsoon participants from all over the world will attend Saturday’s Brighton event. How many of them will consult legal counsel before signing affidavits is unknown.
Some Traffic Monsoon participants say they’ve already moved to a “program” known as Traffic Hurricane. The SEC previously has voiced concerns about “whack-a-mole.”
NOTE: Our thanks to the ASD Updates Blog.
How can Sunil Patel offer security when the most important assets for crowd contol are trained Police horses and riot gear?
Not sure, Judy. Why he’d feel the need even to note “[s]ecurity has been arranged” in a promo for “Revolution Day” is an open question.
Patrick
Recommended reading: Traffic Monsoon gets a mention in a Bloomberg/Businessweek story dated today and titled, “Day Traders Think They Can Win in Online Ponzi Schemes.”
It’s mostly about the scripts used to run HYIP sites. There is an estimate that $47 million annually flows through such schemes. That’s way too low.
In any event, a good story:
http://www.bloomberg.com/news/articles/2016-08-25/day-traders-think-they-can-win-in-online-ponzi-schemes
Patrick
I’m sorry, $47 million a year and in the same article they reference a scheme that by itself took in $207 million? I’d bet the “industry” is closer to $47 billion and I think even that figure might be a small fraction of the real number.