The trial for Jonathan Sifuentes’ securities scam, My Trader Coin, has been set for August 22nd. Sifuentes and six other individuals were sued by the Arizona Corporation Commission in 2020.
The ACC’s charges concern securities obtained through the Ponzi schemes My Trader Coin and Now Mining.
The allegations against four of the defendants have already been settled. Earlier this year, a third was ordered to have a neuropsychological evaluation.
According to a May 19th filing, Moises Herrera (69), according to an assessment and deemed capable of taking part in the two-week experiment scheduled for August 2022, Yolanda Herrera, Moises’ wife, claims she is only named in this case because of her marriage to Mr. Herrera… and has no knowledge of the facts involved.
The Herreras’ petition has yet to be heard by the court.
Jonathan Sifuentes is due to appear in court as planned at the time of publishing. It is unknown whether Sifuentes will attend the trial in person.
The court has asked Sifuentes’ counsel to provide notice of how their witnesses and representatives would appear in court. Either in person or via email.
The Commission has decided that the parties to each division matter that will have a hearing should have the option of having their representatives and witnesses attend and participate in the hearing in person or by Web Ex.
The format for the hearing has yet to be determined in this case. If a party fails to provide a document indicating how its representatives and witnesses will participate during the hearing, the Commission will assume that the representatives and witnesses will attend in person. The deadline for filing attendance reports is July 22nd.
Sifuentes advertised My Trader Coin to largely Hispanic churchgoers in the area.
My Trader Coin was launched in early 2017 but failed to gain traction later that year. Sifuentes got a taste for MLM Ponzi scamming and decided to create Xira Lifestyle in late 2019.
Sifuentes left for Mexico after realizing he was being investigated by the ACC.
Sifuentes continued to operate his Xifra Lifestyle Ponzi there until he was detained earlier this year by Mexican police.
Sifuentes fled to Dubai shortly after that. He relaunched Xifra Lifestyle as Decentra Universe when he was there.
On May 27th, Decentra Universe was released. Sifuentes continues to scam clients through his new Ponzi scheme.
Dubai is the world’s MLM crime capital. Sifuentes is effectively out of reach of the authorities by fleeing there.
If Sifuentes is obliged to appear in Arizona for the ACC trial, he might be arrested.
This is contingent on whether or not the US government has launched a federal inquiry into Xifra Lifestyle, which is currently unknown.
Our next update should come after Sifuentes’ August trial, pending any unexpected filings or developments.