A settlement has been reached between the Spherature Investments Liquidating Trustee and Michael Azcue, the former CEO and WorldVentures Director.
In 2020, WorldVentures, an MLM pyramid scam with a travel theme, went bankrupt. The parent firm of WorldVentures at the time of its demise was Spherature Investments.
As part of his duties, the Spherature Investments Trustee sued Azcue (right) in October 2022.
As per the Trustee’s filed Complaint;
Eventually, WorldVentures would go bankrupt. The total worth of WorldVentures steadily decreased in the years before its demise.
Throughout its existence, WorldVentures lost almost $80 million in taxes. And WorldVentures had $60 million in outstanding debt as of the day company filed for bankruptcy protection and relief.
It agreed to pay around $35 million to acquire Azcue’s share in WorldVentures, which was paid in installments from July 2015 to June 2017, despite the company’s financial difficulties.
Despite knowing via its management that Azcue’s stake in WorldVentures was not worth almost $35 million, WorldVentures still took this action.
The Trustee is attempting to evade and retrieve the $35 million that is due to the Trust and its creditors as a consequence of these unlawful transactions.
The Trustee submitted a settlement agreement on July 3rd, 2024, which settled his claims against Azcue;
As stated in this Agreement’s Paragraph 3(B), Azcue will pay the Trustee $850,000 in good money within fourteen days of the Bankruptcy Court’s approval of this Agreement and the order’s finalization.
Only 2.4% of the $35 million that Azcue embezzled via WorldVentures was recovered, or $850,000.
The court approved Azcue’s Spherature Investments settlement on August 23, 2024.
Azcue consented to testify against Wayne Nugent, a co-founder of WorldVentures, as part of his settlement.
Azcue consents to testify in person at trial in Adversary Proceeding No. 21-4120, Coleman v. Wayne Nugent, et al., upon request from the Trustee.
In 2021, Nugent was sued by the Spherature Investments Trustee, who claimed that he had “pushed[s] the women and children out of the way to save himself.”
Nugent decided to “push the women and children out of the way” and rescue himself rather than pay the Company’s debts.
In fact, Nugent signed two legal papers on November 10, 2020, and November 11, 2020, respectively. This led to the company’s insolvency and more than $100,000,000 in damages.
The Trustee alleges Nugent pocketed at least $1,500,000 as a result of breaching his fiduciary duties to WorldVentures.The outcome of the Trustee’s lawsuit against Nugent remains pending.
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