March 27, 2016 MLM & Affiliate Marketing News
Criminal charge filed against Zeek payment processor
Posted: 26 Mar 2016 06:43 PM PDT
The evidence establishes that Preferred Merchants and Meyer directed the $4.8 million transfer from the RVG trust account to Preferred Merchants’ accounts just 19 minutes after the SEC told them about the asset freeze and imminent shutdown of RVG. This is unlikely to be a coincidence. Meyer falsely (implied) that Preferred Merchants did not exercise dominion or control over any RVG assets. In truth and fact, Meyer, through Preferred Merchants, was the trustee over the RVG Trust Account, which then held approximately $17.4 million in RVG assets. Approximately 20 minutes following his phone call with the SEC, Meyer emailed a representative of Bay Area Escrow and directed her to transfer approximately $4.8 million from the RVG Trust Account to (a) Preferred Merchants E*Trade brokerage account. The next day Meyer emailed a representative of the Bay Area Escrow and directed her to wire transfer approximately $1 million from the RVG Trust Account to an attorney trust account at a national law firm. In the same email, Meyer directed the Bay Area Escrow representative to stop all incoming and outgoing transfers from the RVG Trust Account.
The evidence establishes that Preferred Merchants and Meyer directed the $4.8 million transfer from the RVG trust account to Preferred Merchants’ accounts just 19 minutes after the SEC told them about the asset freeze and imminent shutdown of RVG.
This is unlikely to be a coincidence.
Meyer falsely (implied) that Preferred Merchants did not exercise dominion or control over any RVG assets. In truth and fact, Meyer, through Preferred Merchants, was the trustee over the RVG Trust Account, which then held approximately $17.4 million in RVG assets. Approximately 20 minutes following his phone call with the SEC, Meyer emailed a representative of Bay Area Escrow and directed her to transfer approximately $4.8 million from the RVG Trust Account to (a) Preferred Merchants E*Trade brokerage account. The next day Meyer emailed a representative of the Bay Area Escrow and directed her to wire transfer approximately $1 million from the RVG Trust Account to an attorney trust account at a national law firm. In the same email, Meyer directed the Bay Area Escrow representative to stop all incoming and outgoing transfers from the RVG Trust Account.
Meyer falsely (implied) that Preferred Merchants did not exercise dominion or control over any RVG assets.
In truth and fact, Meyer, through Preferred Merchants, was the trustee over the RVG Trust Account, which then held approximately $17.4 million in RVG assets.
Approximately 20 minutes following his phone call with the SEC, Meyer emailed a representative of Bay Area Escrow and directed her to transfer approximately $4.8 million from the RVG Trust Account to (a) Preferred Merchants E*Trade brokerage account.
The next day Meyer emailed a representative of the Bay Area Escrow and directed her to wire transfer approximately $1 million from the RVG Trust Account to an attorney trust account at a national law firm.
In the same email, Meyer directed the Bay Area Escrow representative to stop all incoming and outgoing transfers from the RVG Trust Account.
Read the full article and join in the discussion over at BehindMLM.
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