Tagged: Traffic Monsoon

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Charles Scoville enters Traffic Monsoon settlement negotiations with SEC

After just over two years of vowing to clear his name and prove Traffic Monsoon wasn’t a Ponzi scheme, Charles Scoville has entered into settlement negotiations with the SEC.The latest Traffic Monsoon developments begin with a July 23rd filing, in which Scoville requests $171,861 in seized Ponzi victim funds to cover his legal costs.
In the filing, Scoville’s attorneys argued the request was “not only necessary … (but also) reasonable”.
Mr. Scoville’s health problems have precluded him from raising funds for his own support, much less to fund a sophisticated opposition and appeal.
As the Court is now aware, Mr. Scoville has had numerous…

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Charles Scoville arrested for aggravated sexual abuse of a child

News of the arrest of a Charles David Scoville in Utah broke last week.Given the severity of the charge, I held off on reporting the story until I had absolute confirmation it was Traffic Monsoon’s Charles Scoville.
Following an unrelated June 18th filing by the Receiver, I can now confirm Charles Scoville, founder of Traffic Monsoon, has been arrested for aggravated sexual abuse of a child.
Details of Scoville’s alleged crime have yet to be made public.
Following his arrest, Scoville was transported to a Salt Lake City prison in Utah.
Scoville’s inmate details reveal he was arrested on June 12th with a $100,000 bond…

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Charles Scoville hospitalized for abberant, paranoid & manic behavior

One of the assets attributed to Scoville’s use of Traffic Monsoon investor funds is a £290,000 flat and parking space in Manchester, UK.The use of investor funds to purchase the property in 2015 means the asset belongs to the Traffic Monsoon Receivership estate.
The Receiver has keys to the property but was unable to file a notice of Receivership against the flat because, according to the Land Registry, ‘the Receivership Order is not directly enforceable in the United Kingdom‘.
Not particularly concerned because she had access to the property and Charles Scoville was legally forbidden from selling the flat off, the Receiver settled for…

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Scoville attempts to delay Traffic Monsoon case with appeal merger

About a week before oral arguments were heard in the original preliminary injunction appeal, Charles Scoville filed a second appeal.Following the filing of a motion requesting both appeals be merged or his second appeal stayed, it appears the plan is to further delay proceedings.Scoville’s second appeal was filed against an order amending the Receiver’s role in the first appeal.Despite the order simply clarifying that the Receiver isn’t to represent Traffic Monsoon as an entity in the appeal, Scoville has used it as a platform to file a new appeal against the preliminary injunction.This would see Scoville present the same arguments that…

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Second Traffic Monsoon preliminary injunction appeal filed

Charles Scoville has filed a second Traffic Monsoon appeal which, unless I’m missing something, seems to be completely pointless.Granted the first appeal is widely seen as just an attempt to delay the inevitable, it’s still valid in the sense a defendant can exhaust all defenses available.This second appeal doesn’t seem to serve any purpose.The second Traffic Monsoon appeal was filed on March 13th, in response to a February 16th Second Amended Order Appoint (the) Receiver.This order reaffirmed the appointment of the Traffic Monsoon Receiver, but limited the scope of the appointment such that Scoville maintained representation of Traffic Monsoon in the…

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Traffic Monsoon victim claims portal on the horizon (clawbacks too)

The latest Traffic Monsoon Receiver’s quarterly report suggests that a victim claims portal might not be too far off.As with most Ponzi schemes, Traffic Monsoon failed to keep detailed records of transactions occurring within the platform.Since being appointed, the Traffic Monsoon Receivership has had to sift through ‘literally hundreds of millions of records and transactions approximating a billion dollars‘.Using the recreated records, BRG has been able to determine on a preliminary basis that there are 101,840 persons with claims against the Receivership Estate, and that the amount of total claims is in excess of $114,286,000.00.The good news is that as of the…

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Traffic Monsoon Receivership order slightly amended

Following a request for briefings on the duties and powers of the appointed Traffic Monsoon Receiver, an amended order has been filed.The February 20th Second Amended Order Appointing (the) Receiver defines specific “powers reserved for (Charles) Scoville”.Scoville is granted authority to appeal and advance arguments on behalf of Traffic Monsoon in the appeal presently pending in the United States Court of Appeals of the Tenth Circuit pursuant to the Notice of Interlocutory Appeal or any further appeal seeking to modify the following Orders of this court.This came up as a result of an amicus brief filed by the Receiver in Scoville’s…

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Traffic Monsoon appeal arguments scheduled for March 21st

Just a quick update on the Traffic Monsoon appeal, following arguments from both parties to be heard scheduled for March 21st.Both the SEC and Scoville have acknowledged the date, so barring any unforeseen events between now and then the hearing should take place.About a week ago we reported on the District Court of Utah considering an amendment to the Receiver’s duties and powers, specifically in relation to representation of Traffic Monsoon in the appeal.Briefings from the SEC and Scoville were initially due by February 2nd, however that has now been extended till February 16th.A Status Conference is scheduled for February 8th,…