00:00.000 --> 00:02.670 Sean Murray: The latest update in the case, I want to talk 00:02.670 --> 00:05.460 about it because I gather that there are a lot of people out 00:05.460 --> 00:09.960 there who are hoping that maybe MJ Capital Funding is going to 00:10.230 --> 00:13.260 somehow come back that they are going to win the Securities and 00:13.260 --> 00:19.620 Exchange Commission lawsuit, the CEO, Joanna will be vindicated, 00:19.860 --> 00:23.610 and that it will go back to business as usual. But I don't 00:23.610 --> 00:26.880 think that's going to happen. And and I say that not from the 00:26.880 --> 00:31.020 standpoint of I think that she will be guilty or something or 00:31.020 --> 00:33.600 she will lose the lawsuit. I'm only saying that because the 00:33.600 --> 00:37.080 court ordered that the company be placed into receivership. And 00:37.080 --> 00:40.440 the receiver is now in charge of the company. The receiver is an 00:40.440 --> 00:44.940 actual independent attorney, who's now technically the CEO 00:44.940 --> 00:48.480 and the sole controller of everything that happens. And one 00:48.480 --> 00:51.930 of the things that is that the receiver has already done is 00:51.930 --> 00:55.530 that they've agreed to auction off all the assets of the 00:55.530 --> 00:58.440 company, your everything must go, I actually think the auction 00:58.440 --> 01:00.570 might have been yesterday, it was scheduled for yesterday, 01:00.840 --> 01:03.660 you're selling everything from the company, from the computers 01:03.660 --> 01:06.750 to the TVs, literally to the house plany in the corner to the 01:06.750 --> 01:09.510 garbage cans, I saw a whole like inventory of everything that's 01:09.510 --> 01:11.310 for sale, everything must go. 01:12.000 --> 01:14.850 Johny Fernandez: So and I'm just gonna say this, because there's 01:14.850 --> 01:19.260 something I've observed, I think this story has hit hard because 01:19.350 --> 01:23.370 a lot of people had trust in in MJ Capital. And something that 01:23.370 --> 01:26.970 we saw was that there was like, some type of GoFundMe pages was 01:26.970 --> 01:27.660 a couple like. 01:27.960 --> 01:29.910 Sean Murray: Yeah, at change.org. Petition. 01:30.050 --> 01:31.460 Johny Fernandez: There's a petition, like they're trying to 01:31.460 --> 01:34.580 defend MJ Capital. And then the other thing that we observed was 01:34.580 --> 01:37.820 for this specific case, when it came to social media, they were 01:37.820 --> 01:41.780 very active in the community there, they built a trust in 01:41.810 --> 01:45.980 their specific community to be, you know, these good guys. And, 01:46.160 --> 01:48.290 you know, they didn't go back to business, they they're doing 01:48.290 --> 01:50.480 well for the community, they they're out there, they're 01:50.510 --> 01:54.680 helping out local children organization, they're helping 01:54.680 --> 01:59.480 out just people across the board in their community. And the 01:59.480 --> 02:04.070 reality is, it's like, you know, that was a, it was shocking for 02:04.070 --> 02:07.430 everyone to see that this is going on. Yeah. I think people 02:07.430 --> 02:09.680 had that thought that they're gonna come back, and they're 02:09.680 --> 02:11.930 gonna continue to do well, for the community. 02:11.970 --> 02:14.477 Sean Murray: Yeah, I also think and this is judging by there's 02:14.528 --> 02:17.599 been new Reddit threads that have popped up, it's been great 02:17.650 --> 02:20.465 to kind of follow that, is that there are those who are 02:20.516 --> 02:23.126 described as victims by the Securities and Exchange 02:23.177 --> 02:26.197 Commission, who after having heard what was going on, don't 02:26.248 --> 02:29.472 feel that they are a victim by the company, they feel that they 02:29.523 --> 02:32.747 are a victim by the Securities Exchange Commission for freezing 02:32.799 --> 02:35.716 the account. One of the strange that you hear about this, 02:35.767 --> 02:38.940 actually, if you ever watched the show American Greed, and the 02:38.991 --> 02:42.318 government goes in, they bust up a Ponzi scheme. And they say one 02:42.369 --> 02:45.491 of the hardest parts about their job is that the victims that 02:45.542 --> 02:48.612 they were, they went in there to save and try to get some of 02:48.664 --> 02:51.683 their money back, whatever is left is that the victims felt 02:51.734 --> 02:54.396 that the government was responsible for losing their 02:54.447 --> 02:57.466 money to begin with. And that's because when the scheme was 02:57.517 --> 03:00.588 explained to the victim, they said, the money you're getting 03:00.639 --> 03:03.505 isn't a result of the company, generating revenue from a 03:03.556 --> 03:06.729 business, it's money coming from new investors to pay you out. 03:06.780 --> 03:09.544 There's no actual business happening, or at least very 03:09.595 --> 03:12.410 little actual business happening. So the scheme is that 03:12.461 --> 03:15.736 a new investor came in, and then that paid out the old investor. 03:15.788 --> 03:18.705 And some people actually will say, that sounds great. And 03:18.756 --> 03:21.980 you're like, no, that's called fraud. That's illegal. You can't 03:22.031 --> 03:25.102 do that. Some people will say, oh, that's, that doesn't make 03:25.153 --> 03:28.326 sense. That seems fine to me. In fact, if you've ever grown up 03:28.377 --> 03:31.653 with things like chain mail, you know, you get, you get, you get 03:31.704 --> 03:34.723 this like letter in the mail, you send out money to like 10 03:34.774 --> 03:38.050 people send and like 100 people send you money, and you're like, 03:38.101 --> 03:41.223 oh, it seems brilliant, right. And people will participate in 03:41.274 --> 03:44.498 these types of things. And when you explain to some people what 03:44.549 --> 03:47.773 the scheme was, they don't think it's the scheme. They think it 03:47.825 --> 03:50.742 sounds fine. And so that's what's difficult in this case, 03:50.793 --> 03:53.966 is that I think that there are a number of people who probably 03:54.017 --> 03:56.934 are looking at the fact that they were getting paid by MJ 03:56.985 --> 04:00.158 capital on time every month, and thinking it only stopped when 04:00.210 --> 04:03.485 the government stepped in. Yup. The, the the owner of the CEO of 04:03.536 --> 04:06.760 the company seemed to be doing all the nice things that she was 04:06.811 --> 04:10.036 saying she was doing. Everything was fine, until the government 04:10.087 --> 04:12.799 came in and said, hey, that money was coming from new 04:12.850 --> 04:16.023 investors and they're like, so, so what you know, like, what's 04:16.075 --> 04:19.196 the problem with that? Well, that's fraud, you actually can't 04:19.248 --> 04:22.165 do that. And so that's one of the difficult parts of this 04:22.216 --> 04:25.542 case. And now we're at the point where the receiver is auctioning 04:25.594 --> 04:28.562 off all the assets. They're selling the domain names right 04:28.613 --> 04:31.888 now, if you go to MJ think it's MJ capital funds.com it forwards 04:31.940 --> 04:35.061 to the receivers website that they've set up. So this company 04:35.113 --> 04:38.388 is not coming back. In fact, the receiver entered into a consent 04:38.439 --> 04:41.561 agreement with the with the SEC saying that they agree not to 04:41.612 --> 04:44.887 resume its its business, because the entire job for the receiver 04:44.939 --> 04:48.265 is to get as much money back for the victims as possible. So they 04:48.316 --> 04:51.233 don't want to resume the business because under you know, 04:51.285 --> 04:54.202 they're under the impression that the business itself was 04:54.253 --> 04:57.528 fraudulent. So they can't resume a fraudulent business. It's not 04:57.579 --> 05:00.496 like something you can do. So their only job is to try to 05:00.548 --> 05:03.260 collect as much money back so that the victims can be 05:03.311 --> 05:06.638 compensated. And so the business itself isn't coming isn't coming 05:06.689 --> 05:09.811 back. So anyone holding on hope that the business coming back 05:09.862 --> 05:12.881 for you know, just just forget about it that's not going to 05:12.933 --> 05:16.054 happen. I think what's going to happen or what we're going to 05:16.106 --> 05:19.432 watch play out is whether or not the CEO and the sales agents and 05:19.483 --> 05:22.707 anyone who was participating in the in the orchestration of the 05:22.759 --> 05:25.829 company, we're going to find out if they're going to be held 05:25.880 --> 05:29.207 accountable for what took place, and how accountable they will be 05:29.258 --> 05:32.124 held. Will it be monetary, will it be, you know, will be 05:32.175 --> 05:35.451 criminally you know, we have no we have no idea on that end, but 05:35.502 --> 05:38.419 as far as the company coming back, I would say MJ Capital 05:38.470 --> 05:40.620 Funding. From that standpoint, looks done.