ALBURY businessman Allan Endresz feels vindicated after a US judge condemned a website ad promoter who had claimed the Border resident owed him $437,000.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Utah man Charles Scoville had accused the Ezybonds owner of being in arrears to him during an interview with The Border Mail in 2014.
But US District Court judge Jill Parrish deemed earlier this year that Scoville had been operating a Ponzi scheme through his business involving website ad clicks.
He had been promising a $5 profit on a $50 AdPack sale, but investors across the world had $US207 million taken from them.
The US Securities and Exchange Commission has alleged Traffic Monsoon gained nearly all its revenue from other investors rather than through products and services.
Mr Endresz said the result showed Scoville was falsely accusing Ezybonds with his claims in 2014.
“We took a fair bit of flak over that, but we stuck to our guns on the processes based on what we had found and we’ve been vindicated,” he said.
“We didn’t owe him anything.
“He threw all this mud at us and it’s only recently through the Utah courts and Judge Parrish that it has been confirmed to be an elaborate scheme and a Ponzi.”
Traffic Monsoon was put into receivership following the crackdown.
A class action has been taken against online firm PayPal in the US alleging it had aided and abetted Scoville.
The plaintiffs alleged PayPal was aware of Traffic Monsoon’s dubious activity, because it had suspended a Scoville account in 2011 that had Ponzi aspects.
Mr Endresz said he had no plans to join the action, noting there were many people around the globe burnt more severely by Scoville.
