The CFTC’s case against Control Finance CEO Benjamin Reynolds continues.
Reynolds was served via notices placed in the Daily Telegraph newspaper.
He’s unlikely to have seen them though, because Benjamin Reynolds doesn’t exist.
On March 3rd the CFTC informed the court it had satisfied service by publication on Benjamin Reynolds.
Despite diligent efforts, the Commission was unable to identify a specific address where Reynolds could be served with process.
After exhausting all other options, the Commission sought leave to serve Reynolds by publication in the United Kingdom.
the Commission published a notice about the case in The Daily Telegraph, a U.K. newspaper, once a week for four consecutive weeks.
The last week the notice appeared was February 8th. Not surprisingly, Reynolds has failed to acknowledge service and respond to the complaint.
On March 20th the CFTC to inform the court they intend to move for default judgment.
To that end the CFTC has requested a previously scheduled March 31st Initial Conference be adjourned.
A decision on the motion remains pending.
Benjamin Reynolds was a typical Boris CEO for Control Finance. He only existed as portrayed by an actor, who featured in Control Finance’s rented office marketing videos.
Even if the CFTC are granted default judgment, it is unclear how they intend to collect.
As per the CFTC’s investigation, Control Finance stole $147 million from over a thousand investors.
Someone in eastern Europe must be laughing their socks off.
Update 22nd July 2020 – As per a July 6th letter addressed to the court, the CFTC intends to file for default judgment against Reynolds.
The Commission is now in the process of preparing its motion for default judgment against Reynolds.
Subject to the Court’s approval, the Commission intends to file the motion within forty-five days of the filing of this letter, i.e., on or before August 20, 2020.
The court has accepted the CFTC’s letter, directing them to file for default judgment by August 20th.
Update 21st August 2020 – The CFTC filed for default judgment against Benjamin Reynolds on August 20th.
Waiting for an order before reporting on the specifics.