Thread: Banners Broker HYIP ponzi scam

You can read the original World Cryptocurrency International / Fintegrity namechange article here at BEHINDMLM.com

Thirteenth REport:
http://www.spergelcorporate.ca/wp-co...ly-25-2018.pdf
page 12 Judgement for $200 million

This reply to a progress request from the receivers has been passed to us...very odd response☹️

'Hello, the Receiver continues to pursue recoveries with individuals and in foreign jurisdictions…at this time we do not know if any funds will be recovered.

Regards,

Msi Spergel inc., court-appointed receiver of Banners Broker International Limited'

Originally Posted by HARRISON

This reply to a progress request from the receivers has been passed to us...very odd response☹️

'Hello, the Receiver continues to pursue recoveries with individuals and in foreign jurisdictions…at this time we do not know if any funds will be recovered.

Regards,

Msi Spergel inc., court-appointed receiver of Banners Broker International Limited'

Not sure why you think this is an odd response. Just because you win a judgment does not mean that you can collect. So what am I missing as to why this is an odd response?

As for any judgment against any individual, if they have no money to pay, the only thing the judgment does is allow a "lien" be placed on them, so if they sold a house, car, boat/yacht, airplane, jet ski, anything of value sold or an inheritance; a portion of the sale/inheritance would be used to apply against the lien/judgment. At least that is how an attorney explained it to me.

If a company is insolvent, the judgement is only a sheet of paper and worth nothing. Rule of thumb in any lawsuit is to make sure the person or company you are suing has money to collect if you win. Otherwise you spent a lot of money to get a piece of paper that says you won, but you end up losing if they can't pay the judgement.

Exactly right, Lynn. As a law professor explained to me, "you can sue anyone for anything... BUT the court will decide who "won" and you can't collect anything from the "loser" that they don't have!

By 'odd' I mean the receiver says 'at this time we do not know if any funds will be recovered.'
when in the last receivers report they stated they had uncovered 'tens of millions' of dollars - but they may mean 'in addition' to the already recovered funds>

The receivers have just issued their latest report.
The only information I can glean from it is that the $200,000,000 fine imposed on Dixit and Smith hasn't been paid and a judge has ordered all frozen funds from various banks etc to be paid to the receiver.
There is no news on when claims are likely to be paid.

Banners Broker International Limited | Spergel Corporate

Don't know why they even bothered writing this letter - just what exactly have these guys been doing for the last six years?

May 2020 letter.JPG

Do we know approx. whereabouts of notorious scammer/promotor of Banner Broker - Immy Aslam and his partner Sharon James? Should be easy to track down their "assets" unless of course, they've been bought in names of friends & family.

Note - Immy's nephew is a Barrister and working for a huge property developer in Manchester. Immy's nephew was also involved in this scheme.

Originally Posted by CitizenKhan

Do we know approx. whereabouts of notorious scammer/promotor of Banner Broker - Immy Aslam and his partner Sharon James? Should be easy to track down their "assets" unless of course, they've been bought in names of friends & family.

Note - Immy's nephew is a Barrister and working for a huge property developer in Manchester. Immy's nephew was also involved in this scheme.

I think you have them mixed up with their Ponzi because it was Traffic Monsoon that they were major players in pimping it. I don't think Immy was in Banners Broker as I don't remember seeing his name, but that was years ago and it is possible he was, just know he and Sharon really pimped Traffic Monsoon.

If I am not mistaken, Immy filed BK trying to avoid his Ponzi winnings from being clawed back from the Receiver. Sharon James has gone on to pimp 2 other Ponzi's and may now be on her third Ponzi since Traffic Monsoon. The other two failed just like Traffic Monsoon failed.

Some bad news to share today I'm afraid.
This email was received by a creditor this morning from Spergel:

Hello,
We have concluded our international tracing efforts and unfortunately have been unable to garner further recoveries.
Given the limited funds recovered, we do not
expect any money to be paid to creditors.
A complete report will appear on our website in due course.
Regards,
msi Spergel inc., court-appointed receiver of Banners Broker International Limited.

https://www.spergelcorporate.ca/img/...-redacted-.pdf
Banners Broker International Limited | Spergel Corporate

MOTION RECORD
(returnable November 1, 2019)

(e) This is a motion to vary the Mareva Order to enable the Receiver to enforce
judgments against Kuldip Josun (“Josun”) and Rajiv Dixit, Dixit Holdings
Inc., Dixit Consortium Inc., and Dreamscape Ventures Ltd. (collectively, the
“Dixit Defendants”). The judgments total over $206 million. As further
explained below, approximately ten bank accounts with balances totalling
approximately $32,000 were caught by the Mareva Order.
...
(o) On August 17, 2017, the Receiver obtained default judgment against Josun
in the amount of Canadian currency sufficient to purchase USD$6,070,790.
(p) The Dixit Defendants consented to a judgment in favour of the Receiver in
the amount of $200 million. The consent judgment was obtained by the
Receiver on July 25, 2018.
(q) Neither Josun nor the Dixit Defendants have satisfied the respective
judgments against them