The SEC’s fraud case in opposition to defendants Dan Putnam and Jean Paul Ramirez was initially filed underneath seal on Might seventh.
The case was unsealed on June 4th, resulting in our report on it.
Trying on the case docket, we study that Putnam’s and Ramirez’s belongings have been frozen the identical date the SEC filed the case.
The courtroom granted the SEC’s ex parte asset freeze on the grounds
that requiring discover to the Defendants and Aid Defendant … would end in quick and irreparable harm, loss, or injury to buyers and to the SEC.
The SEC was involved the Putnam’s and Ramirez’s ill-gotten good points would possibly disappear if offered discover, and the courtroom agreed.
The granted freeze order prolonged to any banks, belief corporations, broker-dealers, monetary establishments, coin exchanges, digital asset buying and selling platforms and cost processors the defendants held belongings in.
Putnam and Ramirez have been additionally directed to offer monetary accounting to the SEC inside ten days of the Might seventh order.
The case docket displays defendants Dan Putnam, his father Richard Putnam and RD World filed accounting experiences on Might twentieth.
Sadly the filings haven’t been made public so we don’t have particulars.
On Might 18th the courtroom authorized a request to partially unfreeze Richard Putnam’s belongings.
As alleged by the SEC, Daniel Putnam funneled stolen investor funds to his father by way of R & D World LLC.
The courtroom discovered ‘there’s substantial proof for the Order Freezing Belongings to be maintained as to the investor funds that have been acquired by R & D World‘, but in addition
there’s inadequate proof to ascertain that the funds Richard T. Putnam acquired from R & D World have been proceeds to which he didn’t have a legit declare.
This order resulted in $697,300 remaining frozen however two financial institution accounts held in R & D World LLC’s title being unfrozen.
Extra financial institution accounts in Richard Putnam’s and Pelican Buying and selling LLC’s names have been additionally unfrozen.
On Might nineteenth Angel Rodriguez filed a stipulated settlement with the SEC pertaining to his belongings.
As per the settlement, two Oh Mai UT LLC financial institution accounts holding $7624.25 have been to be unfrozen.
Oh Mai UT LLC is purportedly tied to Rodriguez curiosity in a Utah County restaurant.
The stipulated settlement between Rodriguez and the SEC was authorized on Might twentieth.
On Might twenty eighth the SEC filed affirmation of a subpoena issued on JC Sutton & Associates and proprietor Juan Sutton.
JC Sutton & Associates market themselves as Utah primarily based enterprise administration consultants.
JC Sutton & Associates web site, they could possibly be behind the programming of Putnam’s and Ramirez’s scams. Sadly specifics of the SEC’s subpoena are restricted.
In reality there are an extra ten restricted filings made by the SEC on June 4th.
The final pertains to a summons executed on Jean Paul Ramirez. It’s most likely a protected wager the earlier restricted 9 filings are, both all or partly, associated to Ramirez too.
Keep tuned for updates as we proceed to trace the case.
Replace twenty third April 2021 – Citing COVID-19, the complexity of discovery that comes with crypto fraud, and involvement of “as many as 50 third-party witnesses”, the events requested entry of an amended scheduling order on April seventh.
The Events have been diligent in conducting discovery. They’ve propounded written discovery and have served quite a few third-party subpoenas.
But the Events nonetheless have vital discovery nonetheless to conduct together with acquiring extra paperwork from third events and finishing as many as 15 depositions.
The courtroom granted the requested modification later the identical day.
As per the order, a scheduling order has been set for January twelfth, 2022.
Ought to the case not be resolved by way of settlement, it’s anticipated a trial will happen later within the yr.
Replace thirteenth August 2022 – Dan Putnam’s securities fraud case has been pushed again into 2023.