SCGator

Activity

• Bob_Up → SCGator

  Hello, thanks for sharing your story relating to TBO Capital Group. If the SEC did seized the bank account of the scammers, would the SEC return the funds to the victims through claims?

  October 2022
  • SCGator

    Hi Bob_Up. I can only guess what the SEC may be doing. If they are still trying to investigate or get their arms around the scope of the problems it may take some time, but I agree that at some point soon, if they are going to charge the fund operators with some type of fraud, then they should make an announcement to the public and to impacted investors. Typically they announce the litigation as soon as they indict the people involved. What is unknown is if the TBO folks got wind of the pending litigation and took off with some or all of the money before the SEC was able to freeze accounts. Hopefully everyone involved will find out something concrete in November.

    October 2022
• balyan55 → SCGator

  Hi, thanks for mentioning this and I hope SEC was the one shut them down hoping the investors would start filing complaints with SEC; However if SEC was the one who shut them down, they should let the victims aware that they did and that they are investigating or inform us if they recover funds or what route we should go to get a refund from our banks (who did nothing such as ask questions or investigate before sending wire). The receiving bank, wells fargo, told me they can't share information about their investigation because I don't have account with them or not the account holder and that they need court order/subpoena to share information. I was told if I believe I am a victim of financial fraud, I should talk to my bank and law enforcement to discuss what my options are for a refund.
  
  I wrote them back saying this is APPF (Authorized Push Payment Fraud (they are just as guilty), and didn't follow the Know Your Customer policy the government regulations to avoid fraud.

  October 2022
  • SCGator

    Hi Balyan55. Typically the SEC will not comment until they have either indicted someone, or resolved the issues with a fine or censure. They almost never comment while the investigation is ongoing so as not to make un-indicted co-conspirators aware of the investigation.
    If Wells Fargo has not been contacted by the SEC they may not be aware of the potential fraud. Alternatively they may be aware of the fraud and, at the request of the SEC,they are saying nothing as the matters are being investigated. I can only imagine how stressful this is for you and other investors, but until the SEC or the FBI announces charges or an indictment, I do not know what else to suggest for you to do.

    October 2022