Jean Paul Ramirez Rico has settled a $12 million fraud case filed in opposition to him by the SEC.
On January twenty fourth the the SEC filed a Movement for Entry of Judgment in opposition to Ramirez. Ramirez consented to the movement, constituting an efficient settlement.
The court docket granted the SEC’s movement later the identical day, leaving Angel Rodriguez the one defendant standing.
The SEC sued Ramirez and co-defendants Dan Putnam and Angel Rodriguez in mid 2020.
The regulator alleged the trio defrauded customers by way of his Trendy Cash Staff, Eyeline Buying and selling and WealthBoss Ponzi schemes.
Unwell-gotten beneficial properties acquired by way of Putnam’s scams had been laundered by way of R & D World LLC and MMT Distribution LLC, additionally named defendants.
Judgment was ordered in opposition to R & D World and MMT Distribution on January sixth, the identical day judgment was ordered in opposition to Daniel Putnam (proper).
All judgments entered to this point are bifurcated, which means disgorgement, prejudgment curiosity and civil penalty quantities are but to be decided.
The SEC will file a movement requesting willpower of the quantities at a later date. I imagine the timing of this hinges on wrapping up the case in opposition to Angel Rodriguez, both by way of settlement or trial.
Ramirez’s and Putnam’s settlements embody an injunction, prohibiting them from committing additional violations of the Securities and Trade Act.
Given his two companions in crime have settled the fraud fees, it’s unlikely Rodriguez will proceed to trial.