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Thread: McKnight and Legisi Holdings, LLC....

  1. #26
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    Re: McKnight and Legisi Holdings, LLC....

    A couple of news stories out of Michigan on the future of Greg McKnight.


    Families lose retirement money in bad investment | Local 4 Defenders - Home

    Interview with Gary Nitzkin, who represents a lot of Legisi people:

    $75 million stolen in investment scam | Local 4 Defenders - Home

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  3. #27
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    Re: McKnight and Legisi Holdings, LLC....

    A great day for those who believe in karma....

    Legisi Ponzi-Scheme Pitchman Matthew J. Gagnon Ordered To Pay More Than $4.2 Million In Disgorgement, Penalties
    URGENT >> BULLETIN >> MOVING: Legisi Ponzi-Scheme Pitchman Matthew J. Gagnon Ordered To Pay More Than $4.2 Million In Disgorgement, Penalties
    ʎɐqǝ uo pɹɐoqʎǝʞ ɐ ʎnq ı ǝɯıʇ ʇsɐן ǝɥʇ sı sıɥʇ

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  5. #28
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    Re: McKnight and Legisi Holdings, LLC....

    McKnight's sentencing has been postponed to September 11, 2012 at 1:30.

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  7. #29
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    Re: McKnight and Legisi Holdings, LLC....

    Quote Originally Posted by morpheus824 View Post
    McKnight's sentencing has been postponed to September 11, 2012 at 1:30.
    Confirmed that the sentencing is still on for 9/11/2012

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  9. #30
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    Re: McKnight and Legisi Holdings, LLC....

    Quote Originally Posted by morpheus824 View Post
    Confirmed that the sentencing is still on for 9/11/2012
    Sentencing delayed until November 19.
    EagleOne
    Author: "Robbing You With A Keyboard Instead Of A Gun - Cyber Crime How They Do It" available in soft cover and eBook at Amazon.com

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  11. #31
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    Re: McKnight and Legisi Holdings, LLC....

    Quote Originally Posted by EagleOne View Post
    Sentencing delayed until November 19.
    You are correct. He's facing 15 years.

    Discussion revolved around the Panama servers, and whether it was the government's fault the hosting company wiped the servers for non-payment.

    The receiver seems to be befuddled about the particulars of the case, and was unable to articulate the lack of cooperation by McKnight in recovery of the funds.

    So far, less than $5 million has been recovered. There is a FINRA arbitration against Sierra Equities pending that McKnight is to be deposed for. Supposedly that may affect his final sentence, but it appears there is some doubt about his desire to cooperate, since he's done little of it so far.

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  13. #32
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    Re: McKnight and Legisi Holdings, LLC....

    Quote Originally Posted by littleroundman View Post
    This is not a precedent setting event.

    William F Perkins, the court appointed receiver for the Colon End Parenthesis (C.E.P.) Clayton Kimbrell and Trevor Reed autosurf scam carried out a successful, although drawn out, clawback of funds from many insiders and players.

    SEC v. Colon End Parenthesis Trust LLC
    Hi littleroundman,

    I just saw this thread and found it quite informative.
    My question here is about International Clawback.
    My little knowledge says that US federal law allows to prosecute only US residents and has a lot of limitation to global promoters & players who make money from fraudulent programmes.
    Is it only applicable to Criminal charge and can civil prosecution be done to recover money?
    Does the list you showed include international members?

    Appreciate if you just enlighten me on this.

    Thank you.

    Vinci

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  15. #33
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    Re: McKnight and Legisi Holdings, LLC....

    Quote Originally Posted by Vinci View Post
    Hi littleroundman,

    I just saw this thread and found it quite informative.
    My question here is about International Clawback.
    My little knowledge says that US federal law allows to prosecute only US residents and has a lot of limitation to global promoters & players who make money from fraudulent programmes.
    Is it only applicable to Criminal charge and can civil prosecution be done to recover money?
    Does the list you showed include international members?

    Appreciate if you just enlighten me on this.

    Thank you.

    Vinci
    Hiya, Vinci,

    In answer to your questions:

    * The receiver in the CEP case didn't name members or indicate their location other than the "insiders" or those he considered had received unfair advantage.
    AFAIK, all those he named were US residents.

    * It's not a matter of what a receiver "can" do, it's more of what is financially sound "to" do.

    IOW, the receivers' function is not to punish the offenders, but to protect the rights of those disadvantaged by the actions of the defendant/s.

    There's no definitive answer as to what will happen.

    Part of the receivers' duties are to balance what he can reasonably expect to recover with what it will cost the receivership to do it.

    For example, It would be foolish for a receiver to spend $5 to recover $1.

    It's all up to how things pan out as the financial situation becomes clearer to the receivership.
    The only thing necessary for the triumph of evil is for good men to do nothing

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  17. #34
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    Re: McKnight and Legisi Holdings, LLC....

    Hi littleroundman,

    Many thanks for your prompt response.

    I fully agree with “to protect the rights of those disadvantaged by the actions of the defendant/s. “ and “It would be foolish for a receiver to spend $5 to recover $1“, yes, surely they shouldn’t do anything that doesn’t make sense economically, although many receivers’ primary interest seems to be their own profit gained from not only the total claw-back amount but also the total hours they can charge fee, which might possibly discourage them to resolve the case as quickest possible - conflict of interests with victims.

    Then, my curiosity is that what sort of $ is the threshold for receivers to chase the man outside US?
    I can imagine that receivers may firstly contact the target by mail to comply with the claw-back request, which costs almost nothing.
    In case, the target doesn’t pay, then it could be customary for the receiver to seek relief through the government authorities in the country where the target lives to get him/her to comply with the claw-back request – obviously it’s much easier than extradition request.
    All in all, yes it may take longer and perhaps with a lot of paper works though it doesn’t cost so much, does it?
    As said, it's purely my curiosity because I hardly hear global clawback except the super big case like Madoff.

    If you have any idea, it's great to learn.

    Cheers,

    Vinci

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  19. #35
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    Re: McKnight and Legisi Holdings, LLC....

    ʎɐqǝ uo pɹɐoqʎǝʞ ɐ ʎnq ı ǝɯıʇ ʇsɐן ǝɥʇ sı sıɥʇ

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  21. #36
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    Re: McKnight and Legisi Holdings, LLC....

    Sentencing For Legisi Pitchman Matthew John Gagnon Now Set For June 18...

    UPDATE: Sentencing For Legisi Pitchman Matthew John Gagnon Now Set For June 18
    ʎɐqǝ uo pɹɐoqʎǝʞ ɐ ʎnq ı ǝɯıʇ ʇsɐן ǝɥʇ sı sıɥʇ

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  23. #37
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    Re: McKnight and Legisi Holdings, LLC....


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  25. #38
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    Re: McKnight and Legisi Holdings, LLC....

    Gagnon's sentencing date was moved to July 9, morpheus.

    PPBlog

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  27. #39
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    Re: McKnight and Legisi Holdings, LLC....

    Quote Originally Posted by PPBlog View Post
    Gagnon's sentencing date was moved to July 9, morpheus.

    PPBlog
    Thanks for the update.

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  29. #40
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    Re: McKnight and Legisi Holdings, LLC....

    Here ya go:



    Read the full story on the Patrick Pretty Blog
    The only thing necessary for the triumph of evil is for good men to do nothing

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  31. #41
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    Re: McKnight and Legisi Holdings, LLC....

    The only thing necessary for the triumph of evil is for good men to do nothing

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  33. #42
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    Re: McKnight and Legisi Holdings, LLC....

    15 years in gaol and $48.9 million restitution for Mr McKnight:



    Read the full story on the Patrick Pretty.com blog
    The only thing necessary for the triumph of evil is for good men to do nothing

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  35. #43
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    Re: McKnight and Legisi Holdings, LLC....

    The only thing necessary for the triumph of evil is for good men to do nothing

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  37. #44
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    Re: McKnight and Legisi Holdings, LLC....

    I like this part also and it should serve as a warning to all those who toot the horn in the Ponzi schemes.

    On July 6, 2011, the Court entered a final judgment against McKnight in the Commission’s action, and ordered McKnight to pay disgorgement of ill-gotten gains, prejudgment interest, and civil penalties totaling approximately $6.5 million. The court also issued orders permanently enjoining McKnight from future violations of Sections 5(a), 5(c), and 17(a) of the Securities Act, Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. On July 9, 2013, McKnight's associate Matthew J. Gagnon was sentenced to five years in prison for his role in promoting Legisi.

    Gregory N. McKnight, et al. (Release No. LR-22776; August 13, 2013)
    Don't get ripped off!! Stay informed!

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  39. #45
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    Re: McKnight and Legisi Holdings, LLC....

    The only thing necessary for the triumph of evil is for good men to do nothing

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  41. #46
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    Re: McKnight and Legisi Holdings, LLC....

    I just saw the receiver's 9th Interim Report in XRoads XRoads - Case Management Services though, does anyone know how can we see the overall receivership asset's financial picture, simply Total Recovered Assets (with breakdown by broader category such as cash from financial institutions / sale of assets / clawback collection / litigation etc) - Total Expenses (the receiver's fee / other professionals' fee / litigation fee / other fee etc)?
    I have gut feeling that much of the recovered assets have been depleted by the receiver given the so little distribution we have received so far - less than 5% of our loss.

    It'll be great if someone gives me the link that navigate to such information.

    Thank you.

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  43. #47
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    Re: McKnight and Legisi Holdings, LLC....

    Quote Originally Posted by littleroundman View Post
    Update to include release date:

    MATTHEW JOHN GAGNON
    Register Number: 46574-039
    Age: 47
    Race: White
    Sex: Male
    Located at: Sheridan FCI
    Release Date: 01/22/2017

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  45. #48
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    Re: McKnight and Legisi Holdings, LLC....

    10th interim report is on receivers site.....Lot about E-Bullion in there...
    McKnight and Legisi Holdings, LLC - Client Home
    ʎɐqǝ uo pɹɐoqʎǝʞ ɐ ʎnq ı ǝɯıʇ ʇsɐן ǝɥʇ sı sıɥʇ

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  47. #49
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    Re: McKnight and Legisi Holdings, LLC....

    The only thing necessary for the triumph of evil is for good men to do nothing

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  49. #50
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    Re: McKnight and Legisi Holdings, LLC....

    A blast from the past...

    There was a news report in Detroit tonight about one of the lawyers that represented Legisi members, and it reminded me of this thread.

    Anyway, I started Googling a name or two and up popped this from a LinkedIn profile of one of the main boosters and antagonists of Legisi.

    "While starting SWE work in 2008, I simultaneously began my moonlighting as a data scientist working to make sense of over a half million records of financial data from wildly disparate sources as part of a fraud suit which eventually settled in 2013."

    Note the timing of the "project" regarding a "fraud suit" that he worked on, of which he had a "half million records of financial data from wildly disparate sources."

    I wonder where those half a million records came from...

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