Debt Field promoter Ryan Bowen has been voluntarily dismissed from the SEC’s case.
A stipulation submitting additionally gives readability on how the SEC intends to deal with the case going ahead.
Particular particulars as to Bowen’s dismissal aren’t offered. Within the filed April 2nd stipulation submitting, the SEC states solely that
because of sure exigencies that Defendant Bowen [right] has represented to the SEC, the SEC and Defendant Bowen transfer now to dismiss Defendant Bowen from this motion, with out prejudice.
The court docket accredited the stipulation submitting later the identical day.
How the SEC intends to proceed with securities fraud expenses towards Debt Field and iX World has been up within the air following court-ordered sanctions final month.
Within the lead as much as that order and in an try and clear up the mess, the SEC filed for permission to dismiss the case so it may begin over.
The request was denied as a part of the sanctions order. Now, within the Bowen dismissal stipulation submitting, we study;
The SEC presently intends to refile its movement to dismiss this motion with out prejudice as to the opposite Defendants and Reduction Defendants and is getting ready that movement.
It’s assumed after securing dismissal of the case the SEC will in some unspecified time in the future refile.
Between the SEC’s investigation and that of a court-appointed Receiver, Debt Field’s and iX World securities fraud has been pegged at $110 million.
It has emerged that not too long ago Debt Field principals have travelled to Dubai.
Dubai is the MLM crime capital of the world. Such is the extent of corruption within the UAE that we solely see MLM firms arrange store there to commit of additional commit acts of fraud (usually securities fraud, wire fraud and/or cash laundering).
One of many main drawcards for scammers is that the UAE doesn’t have an extradition treaty with the US. Nor does the UAE itself actively regulate MLM associated fraud.
Debt Field’s principals turning up in Dubai follows the collapse of IN8 NFT, a securities fraud three way partnership with iX World.
Whether or not Debt Field principals are simply visiting Dubai or have fled there completely is unclear.
Additionally unclear is, along with civil expenses filed by the SEC, whether or not parallel prison expenses pertaining to Debt Field’s $110 million in alleged fraud are pending.
As a part of an separate ongoing investigation into fraud, India has an open arrest warrant issued for iX World CEO Joe Martinez.