March 24, 2016 MLM & Affiliate Marketing News
TeamVinh consent to judgement in SEC Ponzi case
Posted: 23 Mar 2016 01:24 PM PDT
After the (SEC’s) complaint was served, (TeamVinh and Le) engaged in settlement discussions with the (SEC). However, the parties were unable to reach an agreement whereby (TeamVinh and Le) would enter into a Consent to the entry of a judgment. During this period, (TeamVinh and Le) worked to review its substantial books and records, particularly as they relate to allegations made in the complaint. None of (TeamVinh and Le’s) activity in failing to file an answer or otherwise pleading was done intentionally to cause delay. shall pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty. Prejudgment interest shall be calculated from July 22, 2010, based on the rate of interest used by the Internal Revenue Service for the underpayment of federal income tax. The Court shall determine the amounts of the disgorgement and civil penalty upon motion of the Commission.
After the (SEC’s) complaint was served, (TeamVinh and Le) engaged in settlement discussions with the (SEC). However, the parties were unable to reach an agreement whereby (TeamVinh and Le) would enter into a Consent to the entry of a judgment.
During this period, (TeamVinh and Le) worked to review its substantial books and records, particularly as they relate to allegations made in the complaint. None of (TeamVinh and Le’s) activity in failing to file an answer or otherwise pleading was done intentionally to cause delay.
shall pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty. Prejudgment interest shall be calculated from July 22, 2010, based on the rate of interest used by the Internal Revenue Service for the underpayment of federal income tax. The Court shall determine the amounts of the disgorgement and civil penalty upon motion of the Commission.
shall pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty.
Prejudgment interest shall be calculated from July 22, 2010, based on the rate of interest used by the Internal Revenue Service for the underpayment of federal income tax.
The Court shall determine the amounts of the disgorgement and civil penalty upon motion of the Commission.
Read the full article and join in the discussion over at BehindMLM.
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