Sean Murray: The latest update in the case, I want to talk
about it because I gather that there are a lot of people out
there who are hoping that maybe MJ Capital Funding is going to
somehow come back that they are going to win the Securities and
Exchange Commission lawsuit, the CEO, Joanna will be vindicated,
and that it will go back to business as usual. But I don't
think that's going to happen. And and I say that not from the
standpoint of I think that she will be guilty or something or
she will lose the lawsuit. I'm only saying that because the
court ordered that the company be placed into receivership. And
the receiver is now in charge of the company. The receiver is an
actual independent attorney, who's now technically the CEO
and the sole controller of everything that happens. And one
of the things that is that the receiver has already done is
that they've agreed to auction off all the assets of the
company, your everything must go, I actually think the auction
might have been yesterday, it was scheduled for yesterday,
you're selling everything from the company, from the computers
to the TVs, literally to the house plany in the corner to the
garbage cans, I saw a whole like inventory of everything that's
for sale, everything must go.
Johny Fernandez: So and I'm just gonna say this, because there's
something I've observed, I think this story has hit hard because
a lot of people had trust in in MJ Capital. And something that
we saw was that there was like, some type of GoFundMe pages was
a couple like.
Sean Murray: Yeah, at change.org. Petition.
Johny Fernandez: There's a petition, like they're trying to
defend MJ Capital. And then the other thing that we observed was
for this specific case, when it came to social media, they were
very active in the community there, they built a trust in
their specific community to be, you know, these good guys. And,
you know, they didn't go back to business, they they're doing
well for the community, they they're out there, they're
helping out local children organization, they're helping
out just people across the board in their community. And the
reality is, it's like, you know, that was a, it was shocking for
everyone to see that this is going on. Yeah. I think people
had that thought that they're gonna come back, and they're
gonna continue to do well, for the community.
Sean Murray: Yeah, I also think and this is judging by there's
been new Reddit threads that have popped up, it's been great
to kind of follow that, is that there are those who are
described as victims by the Securities and Exchange
Commission, who after having heard what was going on, don't
feel that they are a victim by the company, they feel that they
are a victim by the Securities Exchange Commission for freezing
the account. One of the strange that you hear about this,
actually, if you ever watched the show American Greed, and the
government goes in, they bust up a Ponzi scheme. And they say one
of the hardest parts about their job is that the victims that
they were, they went in there to save and try to get some of
their money back, whatever is left is that the victims felt
that the government was responsible for losing their
money to begin with. And that's because when the scheme was
explained to the victim, they said, the money you're getting
isn't a result of the company, generating revenue from a
business, it's money coming from new investors to pay you out.
There's no actual business happening, or at least very
little actual business happening. So the scheme is that
a new investor came in, and then that paid out the old investor.
And some people actually will say, that sounds great. And
you're like, no, that's called fraud. That's illegal. You can't
do that. Some people will say, oh, that's, that doesn't make
sense. That seems fine to me. In fact, if you've ever grown up
with things like chain mail, you know, you get, you get, you get
this like letter in the mail, you send out money to like 10
people send and like 100 people send you money, and you're like,
oh, it seems brilliant, right. And people will participate in
these types of things. And when you explain to some people what
the scheme was, they don't think it's the scheme. They think it
sounds fine. And so that's what's difficult in this case,
is that I think that there are a number of people who probably
are looking at the fact that they were getting paid by MJ
capital on time every month, and thinking it only stopped when
the government stepped in. Yup. The, the the owner of the CEO of
the company seemed to be doing all the nice things that she was
saying she was doing. Everything was fine, until the government
came in and said, hey, that money was coming from new
investors and they're like, so, so what you know, like, what's
the problem with that? Well, that's fraud, you actually can't
do that. And so that's one of the difficult parts of this
case. And now we're at the point where the receiver is auctioning
off all the assets. They're selling the domain names right
now, if you go to MJ think it's MJ capital funds.com it forwards
to the receivers website that they've set up. So this company
is not coming back. In fact, the receiver entered into a consent
agreement with the with the SEC saying that they agree not to
resume its its business, because the entire job for the receiver
is to get as much money back for the victims as possible. So they
don't want to resume the business because under you know,
they're under the impression that the business itself was
fraudulent. So they can't resume a fraudulent business. It's not
like something you can do. So their only job is to try to
collect as much money back so that the victims can be
compensated. And so the business itself isn't coming isn't coming
back. So anyone holding on hope that the business coming back
for you know, just just forget about it that's not going to
happen. I think what's going to happen or what we're going to
watch play out is whether or not the CEO and the sales agents and
anyone who was participating in the in the orchestration of the
company, we're going to find out if they're going to be held
accountable for what took place, and how accountable they will be
held. Will it be monetary, will it be, you know, will be
criminally you know, we have no we have no idea on that end, but
as far as the company coming back, I would say MJ Capital
Funding. From that standpoint, looks done.