August 12, 2025
The Florida owner of a multilevel marketing company agreed to a $4 million penalty to resolve a U.S. Securities and Exchange Commission suit that accused him of fraudulently raising $108 million for the purported development of artificial intelligence-powered software products, according to a consent order filed Tuesday.
August 28, 2024
A Florida federal judge has refused to toss a suit brought by the U.S. Securities and Exchange Commission against the owners of a multilevel marketing company, accusing them of running a fraudulent and unregistered securities offering that raised roughly $108 million from claims that they are using artificial intelligence to develop software, saying the SEC has sufficiently pleaded the existence of a scheme, among other things.
November 22, 2023
The owners of a multilevel marketing company have asked a Florida federal judge to toss a suit from the U.S. Securities and Exchange Commission alleging they ran a fraudulent and unregistered securities offering that raised roughly $108 million, arguing in part that the SEC's claims about their business model fail to show how it is illegal.
August 11, 2023
The U.S. Securities and Exchange Commission on Friday filed suit against a Florida man and his multilevel marketing company for allegedly running a fraudulent and unregistered securities offering that raised roughly $108 million for a purported artificial intelligence development company.