Wayne Nugent Settles WorldVentures Bankruptcy Fraud Case for $1.3 Million
Wayne Nugent, co-founder of WorldVentures, has reached a settlement in the post-bankruptcy fraud allegations. He and his related entities agreed to pay $1.3 million to resolve the claims.
WorldVentures Collapse and Background
WorldVentures, a multi-level marketing (MLM) company, filed for bankruptcy in 2020. The court-appointed Trustee later investigated the company’s operations before its collapse.
In October 2021, the Trustee filed a lawsuit against Wayne Nugent and other executives. The suit accused Nugent of breaching his fiduciary duties and prioritizing personal gain over the company’s obligations.
Key Allegations Against Nugent
The Trustee claimed Nugent “pushed the women and children out of the way to save himself.” On November 10 and 11, 2020, Nugent signed documents that forced WorldVentures into bankruptcy. This action allegedly caused over $100 million in damages.
The Trustee further alleged that Nugent personally benefited by at least $1.5 million through these actions.
Later amendments to the complaint added Nugent Holdings LLC, KGS Services LLC, and initially Susan Nugent (who was later removed). RICO fraud claims were also dropped.
Settlement Details
In February 2026, both parties attended mediation. The mediation resulted in the following agreement:
- Wayne Nugent, Nugent Holdings LLC, and KGS Services LLC will pay $1.3 million to the Trustee.
- Funds held by the court from Seacret Direct (a potential buyer before the collapse) will be released to the Trustee.
- All proceedings against Nugent will be dismissed, and mutual releases will be signed.
The settlement was officially filed on July 13, 2026. Court approval is still pending at the time of this report.
