Default judgment has been granted against Forsage executive Mikhail Sergeev.

The SEC
alleges Forsage is a $300+ million Ponzi scheme
. Sergeev, a Russian national, worked as Forsage’s Development Director.

Sergeev’s judgment follows the SEC being granted permission to serve him via email on February 7th.

Sergeev failed to respond to the SEC’s Complaint, resulting in Entry of Default being recorded on March 8th.

The SEC then filed for judgment, which was ordered on March 21st.

The Court finds the Complaint states claims for which relief can be granted under … the Securities Act … and the Securities Exchange Act.

Accordingly, because the Complaint’s allegations are deemed admitted, the Court further finds Sergeev committed the violations of the federal securities laws alleged in the Complaint and that he received ill-gotten gains as a result thereof, and liability is established against him.

Sergeev’s judgment prohibits further violations of the Securities Exchange Act. Sergeev is also prohibited from participating in pyramid and/or cryptocurrency investment schemes.

On the money side of things;

Sergeev shall pay disgorgement of ill-gotten gains on a joint and several basis with Defendants Jane Doe a/k/a Lola Ferrari and Sergey Maslakov, with prejudgment interest thereon, and also shall pay a civil penalty pursuant to (the Securities Exchange Act).

Lola Ferrari (aka Olena Oblamska) and Sergey Maslakov were “the goddess of Forsage” and a promoter respectively. The SEC
secured default judgment against the pair
last month.

Monetary penalties, including disgorgement and a civil penalty, will be determined pending a motion filing by the SEC.

With all of Forsage’s charged US promoters already having settled, the last defendant remaining is Forsage founder Vladimir “Lado” Okhotnikov (right).

Last known to be hiding out in Georgia (the country), Okhotnikov was
indicted
in parallel criminal proceedings last month.

Thus far US regulatory efforts to bring Okhotnikov have failed to stop him defrauding consumers. Okhotnikov currently heads up
MetaForce
, the sixth Forsage reboot.

MetaForce
collapsed
shortly after its mid 2022 launch. The scheme was recently rebooted again with an NFT metaverse ruse.

Pending his arrest, Okhotnikov remains a fugitive wanted by US authorities.

🤖 Quick Answer

What is the status of the SEC case against Forsage executive Mikhail Sergeev?
A default judgment has been entered against Sergeev, a Russian national and Development Director of Forsage. The Court ruled on March 21st after Sergeev failed to respond to the SEC's complaint filed in the $300+ million Ponzi scheme case. The allegations are deemed admitted.

Why was default judgment entered against Sergeev?
Sergeev failed to respond to the SEC's securities fraud complaint despite being properly served via email on February 7th. Following the Entry of Default recorded on March 8th, the Court granted judgment against him, finding the complaint states valid claims under federal securities laws.

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