Complaint Review: BEPIC - Layton Utah

WARNING TO BEPIC MARKETING REPRESENTATIVES AND PRODUCT BUYER’S.

Several BEPIC MLM Reps are walking away from this company.  They are advising their clients that they are respectfully quitting BEPIC.

HOWEVER, BEPIC MANAGEMENT, TEAM LEADERS AND OTHER BEPIC - REPS. are POSTING those quitting as LOSERS, QUITERS, AND USELESS.

The truth is they are quitting to protect their customers, because they are learning about the government’s investigation and freezing of BEPICS assets.

 However, they fear being accused of defaming of BEPIC and its owners.  

Not, BEPIC marketing is an internet (MLM). Thus, all communications between buyers and the Reps. become permanent records in BEPIC corporate server.  

HERE IS THE TIP OF THE ICEBERG ON THE GOVERNMENTS ACTIONS AGAINST BEEPICS AND THE OWNERS.

The SEC is concerned the Putnam’s and Ramirez’s ill-gotten gains might disappear if provided notice, and the court agreed.

Thus, the Court Order a “Freeze” on all of their “Assets”, extended to any banks, trust companies, broker-dealers, financial institutions, coin exchanges, digital asset trading platforms and payment processors the defendants held assets in.

The U.S. Security Exchange Commission alleges Daniel Putnam funneled stolen investor funds to his father through R & D Global LLC.

The U.S. Securities and Exchange Commission (SEC) moved Friday to freeze the assets of the multilevel marketing scheme that Bilked investors of $12 million.

Unsealing its complaint against Utah resident Daniel F. Putnam, his businesses MMT Distributions and R & D Global and associates Angel A. Rodriguez of Utah and Jean Paul Ramirez Rico of Colombia, the SEC claimed the three had lied to investors and misappropriated funds.

The “Modern Money Team” (MMT), as Putnam apparently called both businesses, invested in crypto mining equipment from at least July 2017 and eventually pivoted to offering investors “cryptocurrency trading packages” that would exploit crypto “arbitrage” opportunities at Bitfinex, according to the complaint, which was filed in the U.S District Court for the District of Utah.

Ramirez ran the crypto investments, Rodriguez was the liaison, and Putnam, a veteran of multilevel marketing, ran MMT.

Two hundred investors joined Putnam’s mining scheme, and MMT collectively raised $12 million from 2,000 investors in total, the SEC alleged.

The SEC further alleged MMT ceased paying out investors in November 2019 but continued to raise funds through March 9, 2020.   Ramirez controlled the Bitfinex account that Putnam told investors as recently as January 2020 held 260 bitcoins according to the complaint.

But the SEC alleged the account never held more than 50, and that it was closed in May 2019. Ramirez had been periodically making Ponzi-like payments to investors, the SEC alleged.

The SEC alleged Putnam and Rodriguez knew “or were reckless in not knowing” that Ramirez was running a Ponzi-like scheme based on WhatsApp communications.