BULLETIN: AdSurfDaily/OneX Pitchwoman Rayda Roundy Faces Proposed Fine Of $81,250 In Utah For Alleged Unlawful Sale Of ‘Safevest LLC’ Securities In Ponzi Scheme Targeted At Christians
BULLETIN: (UPDATED 4:58 P.M. EDT (U.S.A.) The state of Utah has proposed that Rayda Roundy of Hurricane be fined $81,250 and ordered to cease and desist from selling securities unlawfully in the state for her alleged role in hawking Safevest LLC.
In May 2008, the SEC described Safevest as a fraud- and Ponzi-like scheme that had gathered at least $25 million in part by targeting the Christian community.
Roundy later became a figure in the AdSurfDaily Ponzi scheme story. In August 2008, the U.S. Secret Service described ASD as a massive Ponzi scheme operating online. By April 2012, Roundy was tied in court filings in the ASD case to the mysterious “OneX” scheme, which federal prosecutors described as a financial pyramid that was recycling money in ASD-like fashion.
ASD’s Andy Bowdoin started pitching OneX while he was awaiting trial on Ponzi-related charges flowing from the ASD case. Federal prosecutors said ASD had gathered at least $119 million in its scam. Bowdoin was sentenced in August 2012 to 78 months in federal prison.
In September 2008 — just a month after the Secret Service had seized more than $80 million in the ASD Ponzi case — the Utah Division of Securities accused Roundy in a civil filing of hawking Safevest unlawfully. Roundy denied the assertions.
The case dragged on from 2008 into 2013. Roundy missed a hearing scheduled for March 6 after being warned the presiding officer would hold her in default if she did not attend, the state said.
Utah proposed that the fine could be used to provide restitution. Roundy’s alleged Safevest target was described only as “ME.”
In August 2011, the court-appointed receiver in the Safevest case announced that he “does not anticipate any distributions to the investor/victims as no significant funds have been recovered or are anticipated.”
News about the proposed sanctions against Roundy occur against the backdrop of Investor Alerts or cease-and-desist orders being issued in at least 33 states and provinces in the United States and Canada against the Profitable Sunrise “program.”
Profitable Sunrise allegedly was targeted at Christians. Its website has been offline for two weeks.
For all the Ponzi’s she’s pimped she should get more than a fine, but at least this is a start.
If I am not mistaken she was in Zeek Rewards too, and hopefully part of the clawback from the receiver. Now that would be fitting: this fine and clawbacks from Zeek. Might teach her a lesson. I just wish they had filed criminal charges against her.
When law enforcement starts filing criminal charges against these Ponzi promoters is when the Ponzi’s will stop stealing so much money. Hopefully that day is not far off.
If Rayda was in Zeek, it may mean she was in Zeek, ASD and OneX while she had an unpaid judgment from a 2001 case in Utah AND while she was a respondent in Utah’s action against her in the Safevest-related matter.
One of the ironies is that notice of the Safevest-related action was sent to Roundy by the Utah Securities Division on Aug. 5, 2008. That’s the same day the Secret Service raided ASD.
The state accused her in the Safevest-related action of not disclosing material information to her mark. That material information was alleged, in part, to be the unpaid civil judgment from the 2001 case. Roundy contended she was unaware of the judgment.
Longtime readers will recall that Andy Bowdoin was accused by federal prosecutors of not disclosing his felony convictions in Alabama a decade before ASD in securities cases. At least early on, he also apparently didn’t feel the need to disclose that Rev. Walter Clarence Busby Jr., one of his business partners, was implicated by the SEC in the 1990s in THREE prime-bank swindles, including one that promised 10,000 percent.
Rayda was on a OneX webinar with Bowdoin while he was under indictment on ASD-related Ponzi charges in 2011:
https://patrickpretty.com/2011/10/25/developing-story-awaiting-trial-accused-adsurfdaily-schemer-andy-bowdoin-resurfaces-as-pitchman-for-onex-opportunity-flogged-on-ponzi-forums-i-believe-that-god-has-brought-us-onex-to-provide/
Patrick