Litigation release No. 25628/February 1, 2023
Securities and Exchange Commission V. John Brian McLane Jr. and Paul Anthony Nash No. 2:20-cv-00122 (E.D. Ky. filed by August 31, 2020
The United States District Court for the Eastern District of Kentucky handed down final judgments on February 1, 2023 against John Brian McLane Jr. and Paul Anthony Nash. They were previously charged by the Securities and Exchange Commission for their participation in a pyramid scheme.
In its complaint, which was filed by the SEC on August 31, 2020, it alleged that McLane and Nash ran a multilevel company called Mindset 24 Global, LLC. The company provided personal development materials, and had a compensation program that encouraged investors to recruit other salespeople by offering bitcoin commissions. SEC claims that Mindset 24 actually is a fraudulent pyramid scam disguised as an enterprise.
McLane, as well as Nash, agreed to the entry final judgments in the case without admitting or denigrating the allegations contained in the complaint. They are permanently prohibited from violating the antifraud provisions of Securities Act of 1933 or Securities Exchange Act of 1935. The judgments also prohibit them from engaging in conduct that is indicative of a Pyramid Scheme. McLane also had to pay $135,200 in disgorgement plus $17,770 in prejudgment interests, and Nash $173,600, plus $22,817 of prejudgment interests. Both defendants will also be required to pay civil penalty totaling $60,000.
Benjamin Perlman was the SEC investigator, and Nina B. Finston (supervisor) and Carolyn M. Welshhans (investigator) were also involved. Patrick Costello handled the litigation, under James Carlson’s supervision.
Investor Alert issued by the Office of Investor Education and Advocacy of SEC to warn investors of signs that a multilevel marketing scheme could be a disguised pyramid scheme.
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Securities and Exchange Commission, or SEC, is an American regulatory agency that regulates the Securities Industry, including Stock Exchanges, Securities Brokers and Dealers, Investment Advisors and Mutual Funds. Its main mission is to safeguard investors, ensure fair and efficient markets and facilitate capital formation.
The SEC enforces the federal securities laws through monitoring and regulating market participants’ activities, ensuring that disclosure requirements are met, investigating securities crimes, and taking legal measures against individuals or companies involved in illegal acts. It also sets up rules and regulations in order to promote transparency, encourage fair competition, prevent market manipulation, and ensure compliance with disclosure requirements.
The SEC also plays an important role in providing accurate and reliable information to investors about companies and securities. To help investors make informed choices, the SEC requires companies to publish their financial reports, risk factors, and other material information. The SEC regulates the securities sector to protect investors from conflicts of interest, prevent insider trading and ensure fair trading.
The SEC is a watchdog that promotes investor confidence, maintains the integrity of securities markets, and fosters a fair, efficient, and just financial system.
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