24 September 2024 , 18:18
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Following settlement of fraud charges related to operation of multiple MLM Ponzi schemes, monetary relief has been ordered against defendants Dan Putnam and Jean Paul Ramirez Rico.
The SEC sued Ramirez, Putnam and Angel Rodriguez in mid 2020. The federal regulator accused the trio of defrauding consumers out of $12 million.
Specific MLM crypto Ponzis the SEC linked to Ramirez, Putnam and Rodriguez include Modern Money Team, Eyeline Trading and its WealthBoss reboot.
Putnam (right) settled the SEC’s alleged fraud charges via consent order on January 6th, 2023. Ramirez settled on January 24th, 2023, and Rodriguez settled on September 5th, 2024.
As per a September 10th Memorandum Decision and order granting a previously filed SEC motion for relief;
- Dan Putnam, Modern Money Team and R&D Global are jointly liable for $1.9 million disgorgement and $336,593 in prejudgment interest ($2.3 million)
- Jean Paul Ramirez Rico is liable for $4.6 million in disgorgement and $792,357 in prejudgment interest ($5.4 million)
- Dan Putnam and Jean Paul Ramirez are jointly liable for $1.2 million plus $213,990 in prejudgment interest ($1.4 million)
- Dan Putnam will pay a $1.96 million civil penalty
- Jean Paul Ramirez Rico will pay a $4.6 million civil penalty
- Modern Money Team will pay a $288,078 civil penalty
- R&D Global will pay a $288,078 civil penalty
As part of his September 5th consented to order, Angel Rodriguez is up for $45,000 in disgorgement, $6204 in prejudgment interest and a $45,000 civil penalty.
In 2020 the SEC also sued Putnam’s then seventy-six year old father, Richard T. Putnam, as a relief defendant. The SEC alleged Richard Putnam received money obtained through fraud through R & D Global LLC.
On March 18th, 2024, the SEC moved to dismiss Richard Putnam as a defendant.
The SEC seeks dismissal because it believes it is unlikely that continued prosecution of its disgorgement claim against Richard Putnam will lead to additional relief for defrauded investors beyond that already requested in the SEC’s motion for monetary relief.
The court dismissed Richard Putnam as a relief defendant on September 5th.
Following the September 10th judgment against Dan Putnam and Ramirez, the court ordered the SEC’s case closed. The order also brings BehindMLM’s coverage of the Putnam, Ramirez and Rodriguez SEC fraud case to a close.