ROFX.net Class Action Lawsuit
"On March 24, 2022, the United States District Court for the Southern District of Florida authorized service by email, social media, FedEx, and/or publication on Defendants The Investing Online; Mayon Holdings Ltd. (Hong Kong/China); Mayon Solutions Ltd (United Kingdom); Olga Tielly (United Kingdom); Maria Garda (Hungary); Olga Abrykosova (United Kingdom); Alla Skala (Canada); Ivan Hrechaniuk (United Kingdom); Sergiy Prokopenko (Czech Republic); Aware Choice Ltd (United Kingdom); Profit Media Group LP (United Kingdom); Trans-Konsalt MR Ltd (Bulgaria); Art Sea Group Ltd (South Korea/Republic of Korea)". The Amended Complaint, Order Granting Alternate Service, and issued summonses can be found in the links below:
The following is a summary of the March 2nd update call:
- Amended Complaint. We filed an Amended Complaint on February 14, 2022. A copy of the Amended Complaint (without exhibits) is linked here. The purpose of the Amended Complaint is to better distinguish the different roles of the bad actors (e.g., primary fraudsters, company organizers, promoters, money transferors, etc.), the different theories of liabilities and to add additional defendants.
- Timing. We expect existing defendants who have been served will file their motions to dismiss in the next 30 days. We will likely file our responses 30 days thereafter, with the expectation the Court may schedule a hearing on those motions by June or July. New added defendants will still need to be served, most likely through alternative means such as overnight courier, email or social media. We require separate court approval and expect the entire process to take 2-3 months.
- Strategies. We are cautiously optimistic we will prevail at the motion to dismiss stage. If so, we will look to bring further claims against secondary and tertiary actors such as better funded and insured foreign financial institutions Those claims will likely need to be filed in foreign courts, which do not recognize the class action format. For that reason we may need to consolidate claims and transfer them into a recovery entity or trust that will prosecute the claims on your behalf. In addition, our discovery and investigative efforts have yielded other sources of collection in foreign countries which appear promising. Unfortunately we cannot reveal any further information as it will compromise our efforts.
- Scope of Loss. We believe the total loss suffered by all RoFX claimants to be US $75 million, with the total number of victims at approximately 500-700. The range of individual losses are from $1,000 to over $1.0 million.
- Commodity Futures Trading Commission (CFTC). We are aware of the complaint filed by the CFTC against some of the same RoFX defendants for the same misconduct we have alleged. We have been in communication with CFTC’s lawyers and believe there is no prejudice to the class action. We believe the CFTC’s objectives are narrower than ours and us such should not impair the prosecution and collection of the class action claims.
- ROFX Recovery Corp. In order to facilitate international recoveries and further eliminate any potential class issues, we will likely recommend the creation of a corporate entity that will be capitalized with your claims in exchange for shares or membership interests in the company that are contingent and to be finally determined when the claim validity is analyzed (after there is a recovery and something to distribute) – we will be in touch with a number of you regarding this in the next few weeks and regarding some corporate officer positions.