The My Trader Coin securities fraud settlement of Jonathan Sifuentes Saucedo has been made public.
Sifuentes agreed to securities fraud and will pay $85,000 in penalties, according to an August 18th filing.
According to the securities fraud settlement reached by Sifuentes;
Sifuentes made 10 unregistered securities sales for a total of $121,500.
When selling these investments, Sifuentes made material representations and omissions, such as promising returns of more than 300% in 300 days while failing to disclose the risks of investing in a multilevel marketing business, failing to disclose the risks associated with cryptocurrency investments, and failing to disclose that previous investors had not been able to withdraw principal as promised.
In 2017, BehindMLM investigated My Trader Coin and determined it to be a Ponzi scam.
Sifuentes will pay $70,000 in restitution and a $15,000 civil penalty as part of his My Trader Coin settlement.
These figures include the $51,500 handed out to Sifuentes’ misled customers.
Sifuentes is also barred from committing any subsequent breaches of Arizona’s Securities Act.
On September 7th, the ACC conducted a hearing to examine the approval of Sifuentes’ settlement. There has been no confirmation of approval as of yet.
Sifuentes has previously violated and continues to violate this provision of his MTC settlement by operating the Decentra Ponzi scam.
Decentra is a relaunch of Sifuentes’ defunct Xifra Lifestyle Ponzi scam. Both Ponzi scams typically target Central and South American clients.
Investors in Xifra Lifestyle and Decentra are promised 200% returns paid out of cash later invested.
Xifra Lifestyle and Decentra, like My Trader Coin, are not registered with financial authorities.
Decentra’s release coincided with Sifuentes’ flight to Dubai after his detention in Mexico earlier this year.
Sifuentes, a Mexican national, signed and notarized his MTC settlement in July in Guadalajara.
Guadalajara is the capital of Jalisco, a state in western Mexico.
Decentra launched a marketing campaign across South America in August with the intention of further deceiving people.
It’s unclear if Sifuentes was in Mexico as part of such attempts or not.
In any case, Decentra’s August advertising efforts appear to have had little impact:
Traffic to Decentra’s website is down across the board, according to SimilarWeb. Martinique (93%) and Taiwan (7%), are the two noteworthy sources of traffic.