SEC Declines Comment On Whether It Contacted Traffic Monsoon Pitchman Sunil Patel About Saturday Rally In England
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.
NOTE: Our thanks to the ASD Updates Blog.