Jonathan Sifuentes’ My Trader Coin securities fraud trial has been scheduled for August 22nd.
The Arizona Corporation Commission filed suit against Sifuentes and six other individual defendants in 2020.
The ACC’s allegations pertain to securities committed through the My Trader Coin and Now Mining Ponzi schemes.
Four of the defendants have already settled the charges. A third was ordered to undertake neuropsychological evaluation earlier this year.
As per a May 19th filing, defendant Moises Herrera (69) has been assessed and found to be
not competent to participate in the two-week trial set in August of 2022.
Moises wife, Yolanda Herrera, claims she
is only named in this litigation, due to her marriage to Mr. Herrera … and has no knowledge of the facts involved in this case.
The court has yet to address the Herreras’ filing.
At time of publication, Jonathan Sifuentes is set to appear before the court as scheduled. Whether Sifuentes attends the trial in person is yet to be determined.
The court has requested Sifuentes attorney provide notice on how their representatives and witnesses intend to appear before the court. Either in person or electronically.
The Commission has determined that it is appropriate to provide the parties to each Division case that will have a hearing the option to have their representatives and witnesses attend and participate in the hearing in person or remotely via Web Ex.
The format for the hearing in this matter has not yet been established.
If a party does not make a filing identifying the manner in which its representatives and witnesses will participate during the hearing, the Commission will expect the representatives and witnesses to participate in person.
Attendance filings are due by July 22nd.
Sifuentes promoted My Trader Coin by targeting mostly Hispanic attendees of local churches.
Launched in early 2017, My Trader Coin collapsed later that same year.
Having had a taste for MLM Ponzi scamming, Sifuentes set about preparing to launch Xira Lifestyle in late 2019.
Upon learning he was under investigation by the ACC, Sifuentes fled to Mexico.
There Sifuentes continued to operate his Xifra Lifestyle Ponzi, until Mexican authorities arrested him earlier this year.
Shortly after that, Sifuentes fled to Dubai. There he rebooted Xifra Lifestyle as Decentra Universe.
Decentra Universe launched on May 27th. Through his new Ponzi scheme, Sifuentes continues to defraud consumers.
Dubai is the MLM crime capital of the world. Fleeing there effectively puts Sifuentes out of reach of authorities.
If Sifuentes is required to attend the ACC trial in Arizona, he potentially runs the risk of arrest.
This depends on whether US authorities have opened up a federal investigation into Xifra Lifestyle, which presently is unknown.
Pending any unexpected filings or events, our next update should be sometime after Sifuentes’ August trial.
Update 17th June 2022 – On June 8th the Arizona Securities Division filed a Joint Motion requesting the case against the Herreras be dismissed.
The Division has accepted Herrera is not able to “personally participate and prepare for a hearing”.
As at the time of this update, the court has yet to approve the motion. No updates on Jonathan Sifuentes, who appears to still be hiding out in Dubai.
Update 2nd July 2022 – The Herrera Motion to Dismiss will be ruled at an Arizona Corporation Commission’s Open Meeting, scheduled for July 12th and 13th.
Update 15th July 2022 – A notice of the Arizona Corporation Commission’s Open Meeting was filed on the case docket on July 8th. Presumably this means the meeting took place as scheduled.
As of yet though there are no further entries on the docket reflecting whether the Herrera Defendants were dismissed.
Update 25th July 2022 – It’s looking like Sifuentes is going to settle. As per a July 21st request for a one-week procedural extension;
The Division and Sifuentes have a tentatively reached an agreement to settle this matter.
The court granted the extension motion on July 22nd, extending the procedural deadline to July 29th.
We should have confirmation of a settlement by that date, failing which the matter will proceed to trial as scheduled.
Update 30th July 2022 – Sifuentes’ trial has been vacated. The Arizona Securities Division has confirmed Sifuentes has entered into a settlement.
The Herrera Defendants have also been officially dismissed from the case, by way of a July 27th docketed order.