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Tag: James Merrill

  • BULLETIN: James Merrill of TelexFree Sentenced To 6 Years In Federal Prison

    James Merrill

    BULLETIN: (8TH UPDATE 3:57 P.M. EDT U.S.A.) James Merrill, the former president of the TelexFree Ponzi- and pyramid scheme, has been sentenced to six years in federal prison.

    U.S. District Judge Timothy S. Hillman ordered the sentence, which was four years less than what prosecutors in the office of Acting U.S. Attorney William D. Weinreb of the District of Massachusetts sought.

    Robert Goldstein, Merrill’s lawyer, argued that his client deserved no more than a year.

    The PP Blog is awaiting comment from prosecutors. (See below.) Also see the Boston Globe’s early story on Merrill’s sentence.

    Merrill, 55, of Ashland, Mass., also was sentenced to three years’ supervised release after he completes his sentence and agreed to forfeit about $140 million and other assets, Weinreb’s office said. He was given until May 15 to report to prison. The former TelexFree officer pleaded guilty in October 2016 to eight counts of wire fraud and one count of conspiracy.

    “Despite knowing that Telexfree was a pyramid scheme, Mr. Merrill profited for years at the expense of the hard-working individuals who invested in the fraudulent company,” Weinreb said in a statement. “For the hundreds of thousands of investors, here and around the world, who were taken in by the lies promoted by Mr. Merrill and Telexfree, today’s sentence provides a measure of justice. Mr. Merrill’s greed damaged the livelihoods of thousands of people who were simply struggling to make ends meet.”

    Added Matthew Etre, special agent in charge of Homeland Security Investigations in Boston:

    “While the harm and damage James Merrill caused by stealing more than $3 billion from innocent investors can never be repaired, his victims in more than 240 countries around the world can take some small measure of satisfaction that he is now looking at six years in federal prison and a substantial forfeiture as repayment for his crimes. HSI special agents will continue to aggressively investigate those who seek to profit by taking advantage of others.”

    Separately, police action against TelexFree figures in Brazil continued today, with Brazilian prosecutors formally announcing criminal charges against 22 people accused of operating a clandestine financial institution. (Google translation from Portuguese to English here.)

    Two of the Brazilian defendants — Carlos Costa and Carlos Wanzeler — are known business associates of Merrill. Wanzeler fled the United States for Brazil when investigators were closing in on TelexFree in 2014, U.S. prosecutors said.

    There are at least two major investigations of TelexFree under way in Brazil, including one about money-laundering. It was announced earlier this month.

    More . . .




  • BULLETIN: New TelexFree Money-Laundering Allegations In Brazil Ensnare Wives, Relatives Of Wanzeler And Costa

    Fifteen TelexFree figures have been linked to a money-laundering scheme in Brazil, according to the Federal Public Ministry of Espírito Santo (MPF/ES).

    Among those linked were TelexFree principals Carlos Wanzeler and Carlos Costa and their wives, MPF/ES said today.

    Katia Wanzeler, Wanzeler’s wife, is believed still to be residing in the United States. U.S. prosecutors consider her husband an international fugitive who fled to Brazil when U.S. investigative heat came on him in 2014.

    The laundering racket led to the purchase of cars and a company in Brazil known as Voxbras, MPF/ES said.

    Here, according to MPF/ES, is the list of those involved in the laundering scheme:

    • Carlos Nataniel Wanzeler
    • Carlos Roberto Costa
    • Katia Helia Wanzeler, wife of Carlos Wanzeler
    • Jozélia Miriam Sangali, wife of Carlos Costa
    • Danny Fabricio Cabral Gomes
    • Febe Wanzeler de Almeida e Souza, sister of Carlos Wanzeler
    • Marisa Machado Wanzeler Salgado, sister of Carlos Wanzeler
    • Roberta Rosa de Jesus
    • Draco Vaz de Oliveira
    • Alex Gomes
    • Diorgeney William of Assisi
    • Lelio Celso Ramires Farias
    • Rhalff Junio de Almeida Coutinho
    • Leide Januaria de Araújo
    • Elizabeth Cerqueira Costa Alves, sister of Carlos Costa

    Their places of residence were not listed.

    Katia Wanzeler was arrested in the United States on a material-witness warrant in 2014. She later was released. She has not been charged criminally in the United States.

    James Merrill, a TelexFree business partner of Carlos Wanzeler, is scheduled to be sentenced March 22 in Massachusetts federal court.

    See the MPF/ES news release (Portuguese): See the English translation by Google Translate.




  • TelexFree Trustee Hopes Merrill’s Guilty Plea And Sentencing Will Spark More Claims; Darr Asks Judge To Extend Filing Deadline Until March

    newtelexfreelogo-1UPDATED DEC. 22, 2016: The court has extended the claims deadline until March 15, 2017. Earlier story below . . .

    ** _____________**

    With the Dec. 31 filing deadline for TelexFree claims fast approaching, court-appointed Trustee Stephen B. Darr has asked the court to extend the deadline until March 15, 2017.

    Chief Bankruptcy Judge Melvin S. Hoffman has scheduled a hearing Dec. 21 to consider the request.

    Darr advised the judge yesterday that about 121,000 claims had been filed. He added that the guilty plea of TelexFree’s James Merrill, Merrill’s agreement with prosecutors to forfeit tens of millions of dollars and publicity surrounding Merrill’s sentencing set for March 2 and 3 might encourage more participants to file claims.

    Hoffman already has granted one extension — from Sept. 26 until Dec. 31. The scheme, which the judge ruled a combined Ponzi- and pyramid, may have created hundreds and hundreds of thousands of victims worldwide.

    As things stand now, the claims-filing deadline remains Dec. 31 at 4:30 p.m. Prevailing Eastern Time.

    The process of making participants as whole as possible has been “extraordinarily complex,” Darr advised the judge.

    Challenges have included the number of victims, the geographic dispersion of victims throughout the world, the magnitude of losses, language barriers and the complexity of TelexFree itself, Darr advised the judge.

    Criminal prosecutors said in Merrill’s plea agreement that his role in the TelexFree scheme created at least $550 million in losses.

    Codefendant Carlos Wanzeler fled to Brazil, prosecutors said.




  • Merrill’s U.S. Plea Requires Him To Cooperate With Brazilian Federal Police

    James Merrill.
    James Merrill.

    If Brazil’s Federal Police wish to ask him about TelexFree’s involvement in wire fraud and an underlying conspiracy, James Merrill is required to provide a “complete and truthful proffer,” according to the terms of his plea agreement with U.S. prosecutors in Massachusetts.

    Merrill, 55, of Ashland, Mass., also is required to cooperate with U.S. agencies that have questions about the fraud, according to the agreement. The agreement ultimately may pit Merrill against Carlos Wanzeler, a TelexFree co-founder charged with wire fraud and conspiracy in the United States.

    U.S. prosecutors say Wanzeler fled to Brazil after TelexFree’s massive Ponzi- and pyramid scheme was exposed in April 2014. Brazil’s Federal Police continue to investigate TelexFree and an affiliate known as Ympactus in that country. The Brazilian probe also involves TelexFree figure Carlos Costa.

    U.S. prosecutors said yesterday that Brazilian Federal Police had provided “valuable assistance” in the U.S. probe. The office of U.S. Attorney Carmen Ortiz also lauded U.S. agencies and the Massachusetts Securities Division, the state-level regulator.

    Under the plea agreement, Merrill would receive prison time of no more than 10 years. Eight counts of money-laundering would be dismissed.

    “Merrill also agreed to forfeit approximately $140 million, numerous real estate properties, luxury vehicles and boats,” U.S. prosecutors said.

    In the agreement, Merrill said the deal was in his best interests and that “I am guilty of the offenses to which I am pleading guilty.”

    The agreement noted Merrill had rejected plea offers made earlier. Merrill, who potentially could have faced decades in prison, was defended by Robert M. Goldstein.

    Merrill pleaded guilty yesterday to eight counts of wire fraud and one count of conspiracy. U.S. District Judge Timothy S. Hillman scheduled sentencing for Feb. 2.

    Note: Thanks to the ASD Updates Blog.




  • James Merrill, TelexFree’s President, Pleads Guilty

    James Merrill.
    James Merrill.

    3RD UPDATE 2:56 P.M. EDT OCT 25 U.S.A. James Merrill, the president of TelexFree, has pleaded guilty to eight counts of wire fraud and one count of conspiracy in Massachusetts federal court.

    Merrill, 55, of Ashland, Mass., is scheduled to be sentenced in February.

    “The significance of a guilty plea in a case of this magnitude cannot be overstated,” said special agent in charge Matthew Etre of Homeland Security Investigations, Boston. “James Merrill is finally facing justice for his role in bilking more than $3 billion from innocent investors, in more than 240 countries around the world, for what amounted to little more than greed. HSI special agents will continue to aggressively investigate those who seek to profit by taking advantage of others.”

    Records show Merrill formalized a plea agreement Friday with the office of U.S. Attorney Carmen Ortiz. The agreement calls for a maximum prison term of 10 years, plus forfeiture of criminal proceeds, including about $140 million, real estate, cars and boats, prosecutors said.

    The Telegram & Gazette, via Twitter and its own website, was first with the news of the formal guilty plea. The Boston Globe also was in the Worcester courtroom of U.S. District Judge Timothy S. Hillman this afternoon.

    More . . .

    NOTE: Our thanks to the ASD Updates Blog.

  • BULLETIN: Judge Certifies Class-Action Lawsuit Against 15,000 Alleged TelexFree ‘Winners’ In United States

    newtelexfreelogoBULLETIN: U.S. Bankruptcy Judge Melvin S. Hoffman has certified a defendant class-action lawsuit brought by TelexFree Trustee Stephen B. Darr against about 15,000 alleged TelexFree “net winners” in the United States.

    The ruling means “clawback” cases against alleged U.S. winners will proceed. Darr has alleged aggregate payments to the domestic net winners exceed $100 million and must be returned to the bankruptcy estate. This is the second such order since last year affecting MLM promoters on a large scale. Class-certification also was approved in 2015 against Zeek Rewards’ winners.

    Hoffman appointed alleged winner Frantz Balan as the putative class representative. The law firm of Milligan Rona Duran & King LLC will be class counsel. Class counsel will be paid with funds from the Trustee estate: up to $225,000 for legal fees and costs, and up to $87,500 for a class expert.

    Balaan was a net winner of $516,875.00 and received $315,572.00 in net preference payments from TelexFree, Darr alleged. Balaan disputes those numbers, according to counsel.

    Darr also is suing tens of thousands of alleged TelexFree international winners in a proposed class action. The international case hasn’t yet proceeded to the certification phase.

    TelexFree created more than $3 billion in illicit transactions and hundreds of thousands of net losers, Darr has contended.

    James Merrill, the alleged president of TelexFree, is scheduled to go on trial on 17 criminal counts next month. The trial initially had been set for October.

    Read the class-certification order.




    More . . .

  • TELEXFREE: Prosecutors Docket Prospective Witness List And Exhibits Against James Merrill: Understanding The Background

    EDITOR’S NOTE: This story, which easily could be titled “What NOT To Do In MLM,” summarizes a few of the witnesses and exhibits the U.S. government may use against TelexFree’s James Merrill when his trial gets under way Oct. 24 in Massachusetts. The background provided below is based on research by the PP Blog. Prosecutors filed their witness/exhibit lists on Sept. 26 in U.S. District Court. For our Brazilian readers, we’ll note here that the United States is expected to call at least one member of the Brazilian Federal Police to testify. U.S. District Judge Timothy S. Hillman is presiding. In total, dozens of witnesses may testify, including some who have been sued by the SEC, TelexFree Trustee Stephen B. Darr or private attorneys. There are hundreds of government exhibits, some collected by the Massachusetts Securities Division and the U.S. Department of Homeland Security.

    **______________________**

    EXHIBIT: The government may introduce a document filed by TelexFree with the Alabama Public Service Commission in March 2014.

    BACKGROUND: This document potentially could be used to demonstrate Merrill lied to regulators and business consultants. It was filed on March 20, 2014, and asserts TelexFree was “financially qualified” to operate in the state as a telecom company and that its “current financials Show considerable net worth.”

    Less than a month later, however, TelexFree filed for bankruptcy, raising questions about the truthfulness of its telecom applications in various states. The document, which the PP Blog published before TelexFree’s bankruptcy filing, also ties Merrill to Indiana MLM accountant Joe Craft, a former interim TelexFree executive listed Sept. 26 by the government as a witness. Craft was sued alongside Merrill and others by the SEC in April 2014. He later filed a pleading in which he said he had concluded TelexFree was a Ponzi scheme selling unregistered securities and that he had been misled by TelexFree insiders.

    Joseph Isaacs, a Florida-based consultant for TelexFree, helped prepare TelexFree’s telecom filing in Alabama and other states. Isaacs also now is listed as a government witness. Filings in Missouri say Isaacs told regulators there that Merrill had not been truthful when submitting an affidavit.

    tfwcmmerrillsuv-1EXHIBIT: The government may introduce a photo of Merrill posing with a Hummer vehicle in TelexFree promos.

    BACKGROUND: Ponzi/pyramid schemes and flashy rides are virtually inseparable.

    In 2014, a federal judge ordered TelexFree pitchman Santiago De La Rosa — an SEC defendant — to sell two BMWs and a Land Rover Range Rover. De La Rosa now is listed as a government witness.

    EXHIBIT: The government may introduce a September 2013 email that shows Merrill was aware of a criminal indictment and prison term imposed against AdSurfDaily President Andy Bowdoin in a Ponzi case with remarkable similarities to TelexFree.

    BACKGROUND: The email described above allegedly was sent to Merrill by MLM attorney Jeffrey Babener. Babener now is listed as a government witness. Darr, the bankruptcy trustee, has said Babener informed TelexFree in August 2013 that it was operating a pyramid scheme, but TelexFree nevertheless continued to gather money.

    The ASD case, which also came up in the prosecution of Zeek Rewards’ operator Paul Burks, potentially could be used to demonstrate Merrill was engaging in willful blindness in his operation of TelexFree.

    One of Merrill’s MLM attorneys — Gerald Nehra — has been sued by Darr, private attorneys and the court-appointed receiver in the SEC’s case against Zeek. Nehra also was a figure in the ASD case. He now is listed as a government witness against Merrill.

    EXHIBIT: A video by Thomas More of Newport Beach, Calif.

    BACKGROUND: The SEC has warned for years that scams spread on social media. More, now listed as a government witness, was a TelexFree pitchman who was listed as a “winner” in the Zeek Rewards Ponzi- and pyramid scheme. Nehra once was a speaker at a TelexFree event in Newport Beach.

    EXHIBIT: Records from various banks and financial vendors for Merrill or TelexFree.

    BACKGROUND: Follow the money.

    NOTE: Our thanks to the ASD Updates Blog.




  • URGENT >> BULLETIN >> MOVING: Superseding Indictment Against TelexFree’s Merrill and Wanzeler

    Carlos Wanzeler.
    Carlos Wanzeler.

    UPDATED 4:21 P.M. EDT U.S.A. With trial set to begin on Oct. 24, an eye-popping superseding indictment has been returned in Massachusetts federal court against TelexFree figures James Merrill and Carlos Wanzeler.

    The indictment adds eight counts of engaging in monetary transactions in property derived from specified unlawful activity and includes a money-laundering forfeiture allegation.

    Merrill and Wanzeler originally were indicted in July 2014, with the charging documents alleging eight criminal counts of wire fraud and one criminal count of wire-fraud conspiracy.

    The original charges remain intact in the superseding indictment. With the new charges, Merrill and Wanzeler potentially face decades more in prison if convicted.

    Wanzeler allegedly fled the United States in 2014 and is described by U.S. prosecutors as an international fugitive.

    Merrill recently failed in efforts to suppress certain evidence gathered by the U.S. Department of Homeland Security.

    TelexFree, alleged to be a cross-border pyramid and Ponzi scheme, may have generated more than $3 billion in illicit transactions.

    NOTE: Our thanks to the ASD Updates Blog.




  • DEVELOPING STORY: U.S. Attorney Carmen Ortiz ‘Has Been Recused’ From Prosecution Of TelexFree Figures James Merrill and Carlos Wanzeler

    U.S. Attorney Carmen Ortiz has been recused from the prosecutions of TelexFree figures James Merrill and Carlos Wanzeler, according to a government filing.
    U.S. Attorney Carmen Ortiz has been recused from the prosecutions of TelexFree figures James Merrill and Carlos Wanzeler, according to a government filing.

    2ND UPDATE 6:27 P.M. EDT U.S.A. A government filing dated July 1 — a Friday before the long Independence Day weekend — says U.S. Attorney Carmen Ortiz of the District of Massachusetts “has been recused” from the prosecutions of TelexFree figures James Merrill and Carlos Wanzeler.

    The document does not say why Ortiz no longer will oversee the cases against the alleged pyramid- and Ponzi-schemers. The recusal comes more than two years after Merrill and Wanzeler were charged criminally by prosecutors in Ortiz’s office and nearly 24 months after they were indicted.

    Ortiz, in May 2014, described the alleged fraud as “breathtaking.”

    At the time of this story, no media announcement about the recusal appears on the U.S. Attorney’s website.

    On Saturday (today), Ortiz’s office did not respond immediately to a request for comment.

    U.S. District Judge Timothy S. Hillman is presiding over the cases.

    Here is the text of the “NOTICE OF RECUSAL BY THE UNITED STATES ATTORNEY” dated yesterday (italics added):

    The United States respectfully notifies the Court that United States Attorney Carmen M. Ortiz has been recused from this matter. Pursuant to 28 U.S.C. § 515 and related delegations, an Associate Deputy Attorney General has directed and authorized First Assistant United States Attorney John T. McNeil to have the status, and perform all of the authorized functions, of a United States Attorney with respect to this case.

    Ortiz announced the appointment of McNeil as her first assistant on April 28, 2014. TelexFree declared bankruptcy just 15 days earlier, on April 13. The SEC moved against TelexFree on April 17, 2014.

    Section 3-2.170 of the U.S. Attorneys’ Manual says recusals are required “only where a conflict of interest exists or there is an appearance of a conflict of interest or loss of impartiality.”

    From the manual (italics added):

    A United States Attorney who becomes aware of circumstances that might necessitate a recusal of himself/herself or of the entire office, should promptly notify [the General Counsel’s Office of the Executive Office For United States Attorneys] at . . . to discuss whether a recusal is required. If recusal is appropriate, the USAO will submit a written recusal request memorandum to GCO. GCO will then coordinate the recusal action, obtain necessary approvals for the recusal, and assist the office in arranging for a transfer of responsibility to another office, including any designations of attorneys as a Special Attorney or Special Assistant to the Attorney General . . .

    Whatever TelexFree-related conflict exists, it appears only to affect Ortiz, given that her first assistant has been put in charge and the entire U.S. Attorney’s Office in Massachusetts has not been excluded from the prosecution.

    NOTE: Our thanks to the ASD Updates Blog.




  • TELEXFREE: Trustee Requests Stay In Lawsuit Against MLM Attorney Gerald Nehra, Others

    newtelexfreelogoUPDATED 11:14 A.M. EDT U.S.A. TelexFree Trustee Stephen B. Darr has requested a stay in the lawsuit against MLM attorney Gerald Nehra, the Nehra and Waak law firm and certain other individuals or entities accused civilly of helping the judicially declared Ponzi- and pyramid scheme gain a head of steam.

    “The Trustee seeks this stay at the request of the United States so as not to interfere with the proper administration and prosecution of the Criminal Action” against James Merrill, Darr advised Chief U.S. Bankruptcy Judge Melvin S. Hoffman of the District of Massachusetts.

    Merrill, an alleged TelexFree principal from Massachusetts, has been under indictment for wire fraud and conspiracy since July 2014. His alleged business partner Carlos Wanzeler also was indicted, but fled to Brazil, prosecutors said. Merrill’s trial is scheduled for this fall.

    Wanzeler allegedly fled the United States via Canada after TelexFree declared bankruptcy in April 2014. Darr has said the cross-border program generated more than $3 billion in illicit business.

    “The Trustee was required to commence the Adversary Proceeding before the Criminal Action could be resolved because the expiration of the Statute of Limitation relevant to these actions was approaching and was clearly going to expire before the Criminal Action was resolved,” Darr advised Hoffman. “However, in commencing these actions, the Trustee does not intend to interfere with the proper administration of the Criminal Actions nor prejudice the Government’s prosecution of those actions.”

    The government’s concern about proceeding with the adversary actions against Nehra, the firm and others appears to be that Merrill could gain an advantage in the criminal case through discovery in the adversary actions.

    In April, Darr alleged that Nehra and the law firm were “actively involved” in promoting TelexFree’s Ponzi scheme and “duping” participants. Nehra and the firm are fighting the claim.

    Nehra and the firm advised Hoffman they “anticipated participation in criminal proceedings related to the case,” but did not define the nature of the criminal proceedings or say whether they anticipated being called as witnesses or potential indictees.

    “The Adversary Proceeding arises from the TelexFree Ponzi scheme that was perpetrated on thousands of mostly working class investors, domestic and worldwide, by James Merrill and Carlos Wanzeler and assisted by various individuals including those named in the Adversary Proceeding,” Darr advised Hoffman.

    The judge has set a hearing on the request for the stay at 10 a.m. on July 27 in Courtroom 2, J.W. McCormack Post Office & Court House, 5 Post Office Square, 12th Floor, Boston.


  • Sept. 26 Deadline Set For Filing TelexFree Claims; Claims Portal Opens As James Merrill Fights Evidence In Criminal Case

    newtelexfreelogoUPDATED 11:53 A.M. EDT U.S.A. Sept. 23, 2016: The claims deadline has been extended until Dec. 31, 2016, at 4:30 p.m. Prevailing Eastern Time. Claims must be filed through TelexFreeClaims.com. Our earlier story is below . . .

    **____________**

    TelexFree participants and others who may have a claim against the estate should read this important notice from bankruptcy Trustee Stephen B. Darr. It is styled “Notice of Deadline for Filing Electronic Proofs of Claim and Claims Procedures” and appeared on the docket yesterday.

    The electronic claims portal has been established at TelexFreeClaims.com and is operational, according to Darr’s notice. The deadline to file claims is Sept. 26, 2016, at 4:30 p.m. prevailing Eastern time.

    BMC Group Inc. is administering the electronic proof of claim (ePOC) form and its name appears on the TelexFree claims portal.

    Chief Bankruptcy Judge Melvin S. Hoffman of the District of Massachusetts has ruled TelexFree a Ponzi- and pyramid scheme.

    In a separate case, TelexFree principals James Merrill and Carlos Wanzeler were indicted in 2014 on charges of wire fraud and wire-fraud conspiracy. Wanzeler allegedly became an international fugitive by fleeing the United States for Brazil.

    Merrill this month sought to suppress evidence obtained as a result of a search of TelexFree headquarters in Marlborough, Mass., on April 15, 2014, two days after TelexFree’s bankruptcy filing, according to defense court filings in the criminal case.

    Through attorney Robert Goldstein, Merrill argued that the search by the U.S. Department of Homeland Security was “unconstitutionally overbroad and unparticularized” in that it targeted “all computers” and “all records.”

    Among other things, agents seized a laptop computer that day from TelexFree “consultant” Joseph Craft, according to the defense. Merrill argues that Craft’s laptop and all other evidence seized that day should be excluded.

    In 2014, the SEC alleged that Craft was TelexFree’s CFO and was in possession of nearly $38 million in TelexFree-related cashier’s checks on the date of the search.

    As the PP Blog reported on April 17, 2014 (italics added):

    “The Deputy Sheriff told Craft he could not take the laptop and bag and that these items would be subject to the search,” the SEC said in the affidavit. “[Homeland Security Investigations] Agents searched the bag and identified ten Wells Fargo Bank, N.A. cashier’s checks totaling $37,948,296.”

    Nine of the checks were dated April 11, 2014, just two days before TelexFree petitioned for bankruptcy in Nevada, according to the SEC affidavit and other court filings.

    The nine checks were “remitted to” James M. Merrill, TelexFree’s co-owner and former president. Of the nine, five were made out to TelexFree LLC “totaling $25,548,809, and one was made out to Katia B. Wanzeler,” believed to be the wife of TelexFree co-owner and treasurer Carlos Wanzeler,” the SEC asserted in the affidavit.

    The Katia Wanzeler check was for the sum of $2,000,635, the SEC alleged.

    A check dated April 3 was “remitted to” Carlos Wanzeler and made out to “TelexFree Dominicana SRL in the amount of $10,398,000,” the SEC alleged in the affidavit.

    TelexFree Dominicana SRL’s relationship to TelexFree was not immediately clear.

    On April 15, two days after the TelexFree bankruptcy filing and apparently just hours before the raid, Merrill “submitted an unsolicited order to sell $1,150,000 of his mutual fund holdings” and to have the money transferred to a bank in Massachusetts, the SEC said in the affidavit.

    “Bank statements show that two companies controlled by Craft received more than $2,010,000 between November 19, 2013 and March 14, 2014,” the SEC said in its complaint.

    NOTE: Our thanks to the ASD Updates Blog.