Jonathan Sifuentes’ My Dealer Coin securities fraud trial has been scheduled for August twenty second.
The Arizona Company Fee filed go well with in opposition to Sifuentes and 6 different particular person defendants in 2020.
The ACC’s allegations pertain to securities dedicated by means of the My Dealer Coin and Now Mining Ponzi schemes.
4 of the defendants have already settled the costs. A 3rd was ordered to undertake neuropsychological analysis earlier this yr.
As per a Could nineteenth submitting, defendant Moises Herrera (69) has been assessed and located to be
not competent to take part within the two-week trial set in August of 2022.
Moises spouse, Yolanda Herrera, claims she
is barely named on this litigation, as a consequence of her marriage to Mr. Herrera … and has no data of the details concerned on this case.
The court docket has but to handle the Herreras’ submitting.
At time of publication, Jonathan Sifuentes is ready to seem earlier than the court docket as scheduled. Whether or not Sifuentes attends the trial in individual is but to be decided.
The court docket has requested Sifuentes legal professional present discover on how their representatives and witnesses intend to seem earlier than the court docket. Both in individual or electronically.
The Fee has decided that it’s applicable to offer the events to every Division case that can have a listening to the choice to have their representatives and witnesses attend and take part within the listening to in individual or remotely by way of Net Ex.
The format for the listening to on this matter has not but been established.
If a celebration doesn’t make a submitting figuring out the style during which its representatives and witnesses will take part in the course of the listening to, the Fee will anticipate the representatives and witnesses to take part in individual.
Attendance filings are due by July twenty second.
Sifuentes promoted My Dealer Coin by concentrating on largely Hispanic attendees of native church buildings.
Launched in early 2017, My Dealer Coin collapsed later that very same yr.
Having had a style for MLM Ponzi scamming, Sifuentes set about getting ready to launch Xira Way of life in late 2019.
Upon studying he was below investigation by the ACC, Sifuentes fled to Mexico.
There Sifuentes continued to function his Xifra Way of life Ponzi, till Mexican authorities arrested him earlier this yr.
Shortly after that, Sifuentes fled to Dubai. There he rebooted Xifra Way of life as Decentra Universe.
Decentra Universe launched on Could twenty seventh. Via his new Ponzi scheme, Sifuentes continues to defraud customers.
Dubai is the MLM crime capital of the world. Fleeing there successfully places Sifuentes out of attain of authorities.
If Sifuentes is required to attend the ACC trial in Arizona, he probably runs the chance of arrest.
This will depend on whether or not US authorities have opened up a federal investigation into Xifra Way of life, which presently is unknown.
Pending any sudden filings or occasions, our subsequent replace must be someday after Sifuentes’ August trial.
Replace seventeenth June 2022 – On June eighth the Arizona Securities Division filed a Joint Movement requesting the case in opposition to the Herreras be dismissed.
The Division has accepted Herrera just isn’t capable of “personally take part and put together for a listening to”.
As on the time of this replace, the court docket has but to approve the movement. No updates on Jonathan Sifuentes, who seems to nonetheless be hiding out in Dubai.
Replace 2nd July 2022 – The Herrera Movement to Dismiss will likely be dominated at an Arizona Company Fee’s Open Assembly, scheduled for July twelfth and thirteenth.
Replace fifteenth July 2022 – A discover of the Arizona Company Fee’s Open Assembly was filed on the case docket on July eighth. Presumably this implies the assembly came about as scheduled.
As of but although there aren’t any additional entries on the docket reflecting whether or not the Herrera Defendants had been dismissed.
Replace twenty fifth July 2022 – It’s trying like Sifuentes goes to settle. As per a July twenty first request for a one-week procedural extension;
The Division and Sifuentes have a tentatively reached an settlement to settle this matter.
The court docket granted the extension movement on July twenty second, extending the procedural deadline to July twenty ninth.
We should always have affirmation of a settlement by that date, failing which the matter will proceed to trial as scheduled.
Replace thirtieth July 2022 – Sifuentes’ trial has been vacated. The Arizona Securities Division has confirmed Sifuentes has entered right into a settlement.
The Herrera Defendants have additionally been formally dismissed from the case, by means of a July twenty seventh docketed order.