Crypto help by the 8 Figure Lifestyle Dream defendants will be liquidated at the current market rate.
A preliminary injunction granted last July froze the assets of John Bain, Alex Dee, Brian Kaplan and Jerrold Maurer.
The above defendants ran the 8 Figure Dream Lifestyle gifting scheme. Last June the the FTC sued Bain, Dee, Kaplan and Maurer for telemarketing and consumer fraud.
The granted injunction, which froze the defendants assets, included their cryptocurrency holdings.
On May 15th the FTC sought an order permitting liquidation of the defendant’s disclosed cryptocurrency holdings.
The reason for the requested liquidation was cryptocurrency being a “volatile asset”. Through liquidation, the FTC sought to “preserve the value” of the defendant’s assets.
On May 19th the court approved the FTC’s motion, ordering the defendants liquidate their cryptocurrency holdings.
Each Stipulating Defendant shall exchange his cryptocurrency for United States currency at prevailing market rates for the trading exchanges used.
The net proceeds from each Stipulating Defendant’s exchanges of cryptocurrency for United States currency shall remain frozen under Section IV of the Preliminary Injunction until further order of this Court.
Stay tuned for updates on the case as we continue to track it.