iX Global & Debt Box Sued By SEC For $49 Million
- MLM News
- August 5, 2023
Salt Lake City, Utah – In a groundbreaking legal move, the SEC (Securities and Exchange Commission) has filed a lawsuit against iX Global, its CEO, Joe Martinez, and multiple promoters, alleging securities fraud and misappropriation of at least $49 million. The legal action includes the connection of iX Global with Debt Box and involves a multitude of unregistered fraudulent offerings.
Background of iX Global and Associated Companies
iX Global, an MLM company launched in 2020 by US national Joe Martinez, has been associated with fraudulent activities in the past. Prior to iX Global, Martinez had connections with Investview’s fraudulent Kuvera Global investment scheme. Additionally, some of iX Global’s top earners and promoters are ex-Kuvera Global members.
iX Global and Debt Box Scheme
iX Global’s original business model combined personal development with AI trading bot investment. The alleged fraudulent conduct also includes the so-called “x-node” positions through partnerships with Debt Box, purportedly generating passive revenue through crypto mining and various ruses.
The SEC’s investigation reveals that these x-node positions were an “unregistered fraudulent offering,” with connections to non-existent businesses such as Lazy Magnolia and Fleet Space Technologies.
The Defendants and Relief Defendants
The Complaint, filed on July 26th in Utah, names eighteen defendants including:
- iX Global – MLM company accused of offering fraudulent investment contracts
- Digital Licensing Inc (dba Debt Box) – Wyoming registered company
- Western Oil Exploration Company – Nevada registered company, owned by James Franklin
- Various individuals, such as Joseph Anthony Martinez (iX Global CEO), Jason R. Anderson (co-owner Debt Box), and others
An additional ten relief defendants, including companies like Archer Drilling LLC, Blox Lending LLC, and more are also named.
Today we announced awards of more than $104 million to seven individuals whose information & assistance led to a successful SEC enforcement action & related actions brought by another agency.
The combined award is the fourth largest in the SEC’s whistleblower program’s history.
— U.S. Securities and Exchange Commission (@SECGov) August 4, 2023
Assets Frozen and Receivership
As part of the legal action, defendants’ bank accounts and assets, including luxury vehicles and properties, have been frozen. On July 28th, the court appointed a Debt Box and iX Global Temporary Receiver, removing control from their owners.
International Connection
Outside the U.S., Sailesh Pandey was arrested in India in late 2022, on charges related to iX Global money laundering.
Conclusion
The SEC’s legal action against iX Global, Debt Box, and associated parties reveals a complex web of deceit involving various fraudulent investment contracts, Ponzi schemes, and misrepresentation. The lawsuit aims to halt ongoing violations, prevent further harm, and seek disgorgement and civil penalties. The case stands as a stark reminder to investors and regulators of the continued vigilance required in the ever-evolving financial landscape.
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