Forsage scammers Samuel D. Ellis and Sarah Theissen have settled fraud allegations made against them.
The allegations were made in a lawsuit filed by the SEC, alleging Forsage was a $300 million Ponzi scheme.
Ellis (below) and Theissen are two of eleven Forsage scammers sued by the SEC earlier this month. They are the first defendants to settle.
Ellis and Theissen were part of “Crypto Crusaders”, the largest US group of Forsage promoters.
Ellis promoted Forsage on YouTube. Theissen did the same, and additionally worked admin for Crypto Crusaders.
Ellis’ and Theissen’s Forsage settlements were filed on August 8th.
The SEC alleges Ellis stole $72,405 through Forsage. Ellis’ settlement will see him pay back $36,621 in disgorgement, $1021 in prejudgment interest, as well as a $31,128 civil penalty ($68,770 in total).
Theissen is alleged to have stolen “at least $130,118”. Theissen’s disgorgement and civil penalty are to be determined at a later date.
Both Ellis and Theissen are permanently enjoined from committing further securities fraud violations.