Network MarketingItalian Visitors Monsoon traders settle claims with Receiver

Italian Visitors Monsoon traders settle claims with Receiver

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A bunch of Italian Visitors Monsoon traders fell for the outdated “pay your upline as a substitute of the corporate” MLM Ponzi ruse.

The upline was Fabiano Santos, aka Maurizio Longo, who directed his victims to speculate upwards of $1 million via his shell firm Promoting Corp.

Doubling down on his fraud, Santos filed investor claims with the Receivership on behalf of his downline.

Santos’ victims additionally filed claims, making a headache for the Receiver.

The issue with paying your upline to get into an MLM Ponzi scheme is the corporate has no report of funds invested.

The books and data of the Receivership Property present that Santos paid Visitors Monsoon money in extra of $1.1 million.

Santos submitted a number of Proofs of Declare in opposition to the Receivership Property which had been Disputed Investor Claims.

Moreover, the Italian Traders every well timed submitted Proofs of Declare in opposition to the Receivership Property based mostly on monies they paid to Santos. The Italian Investor Claims assert claims totaling $1,120,862.81.

Thus when a Receivership takes over a Ponzi scheme and items collectively data, they’re unable to confirm claims from in any other case reliable victims.

There are not any data displaying that the Italian Traders paid Visitors Monsoon any monies and thus the Italian Investor Claims are Disputed Investor Claims.

The Santos dispute was first raised again in early 2021. The Receiver and her crew have been working to type via the mess since.

Santos’ claims had been ultimately “disallowed of their entirety”. The Receiver then decided

though there isn’t any report that the Italian Traders paid money to Visitors Monsoon, the Italian Investor Claims must be allowed as a result of they’ve adequately demonstrated that they’re the bona fide victims of the Visitors Monsoon Ponzi scheme.

That brings us to the settlement reached between the Italian traders and the Receiver.

As per the phrases of the proposed settlement:

  1. three duplicate/amended Italian investor claims shall be withdrawn;
  2. the remaining claims shall be transformed to USD and paid out as an authorized declare; and
  3. the settlement will resolve any excellent declare disputes between the traders and the Receiver.

I don’t have a precise quantity however wanting on the submitted claims, the settlement seems to cowl twenty-seven Italian Visitors Monsoon victims.

The disputed claims had been filed throughout March and April 2020 as a part of the Visitors Monsoon Receivership claims course of. Collectively the claims whole $1.12 million.

The Receiver filed the proposed settlement with Italian traders on September twelfth. At time of publication court docket approval stays pending.

In line with the Receiver, Fabiano Santos “is presently beneath prison investigation in Italy for fraud”. That was first disclosed in 2021 however there have been no updates since.



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