Cheri Beth Bowen has settled with the Securities and Exchange Commission (SEC) over her role in the Forsage Ponzi scheme. The SEC alleged Bowen misappropriated at least $303,000 from investors.
The proposed judgment, filed September 1st with the U.S. District Court for the Southern District of New York, resolves the SEC's claims against Bowen. It permanently bars her from violating federal securities laws and participating in the issuance, purchase, or sale of any security. The court approved Bowen’s settlement on September 2nd.
Bowen’s settlement includes disgorgement of ill-gotten gains, prejudgment interest, and a civil penalty. The exact amounts for these penalties will be determined by the court later. The SEC plans to seek this monetary relief after resolving its claims against the remaining defendants in the Forsage case.
Bowen is the fourth U.S.-based promoter of Forsage to reach a settlement with the SEC. Samuel Ellis, Sarah Theissen, and Mark Hamlin previously settled their cases. The SEC’s legal action continues against the seven other Forsage defendants.