Mark F. Hamlin, a top promoter of the Forsage scheme, has settled a securities fraud case with the SEC after allegedly stealing at least $565,828 through the operation.
The SEC filed a motion for partial judgment by consent on August 10th, effectively ending litigation against Hamlin without requiring him to admit wrongdoing on the underlying fraud charges. The settlement permanently bars him from violating federal securities laws and blocks him from engaging in related activities.
But the financial reckoning isn't finished. The court will determine the exact amounts Hamlin owes in disgorgement—the return of ill-gotten gains—plus prejudgment interest and civil penalties. The SEC said it will request those figures after resolving cases against the remaining defendants.
Hamlin becomes the third Forsage defendant to settle. Samuel Ellis and Sarah Theissen agreed to settlements earlier in August. Nine other defendants remain in the case: Vladimir Okhotnikov, Jane Doe (also known as Lola Ferrari), Mikail Sergeev, Sergey Maslakov, Carlos L. Martinez, Ronald R. Deering, Cheri Beth Bowen, and Alisha R. Shepperd.
On August 25th, the court approved Hamlin's settlement, clearing the way for the SEC to move forward with collecting monetary penalties.
Hamlin's involvement in Forsage fits a broader pattern. He's a repeat promoter of multilevel marketing schemes, having previously promoted BitLocity, Qtrex, and WeShare Crowdfunding, according to investigators.
The SEC's strategy here appears deliberate: secure settlements that block defendants from future violations, then pursue financial judgments separately. This approach allows the agency to move cases forward while building its monetary claims piece by piece.
Forsage itself operated as a pyramid scheme dressed up as a cryptocurrency investment platform. Participants paid to join and earned commissions by recruiting others—the classic structure that inevitably collapses as the base of new recruits dries up. Hamlin worked as one of its most visible promoters, drawing people into the scheme.
The broader case continues against the remaining defendants. The SEC will need to prove its allegations against them that they knowingly participated in or profited from the fraudulent operation. With three settlements already in place, the agency has momentum. Each new settlement removes a defendant and potentially opens doors to cooperation from others facing similar charges.
For victims of Forsage, these settlements provide some hope of recovery, though the path remains uncertain. The court still needs to determine exact penalty amounts, and actually collecting money from defendants is often harder than winning judgments against them.
🤖 Quick Answer
What fraud scheme was Mark F. Hamlin involved in?Mark F. Hamlin was a top promoter of the Forsage scheme, an alleged securities fraud operation through which he illegally obtained at least $565,828. The SEC pursued legal action against him for his role in the fraudulent scheme.
What did the SEC settlement with Hamlin entail?
The SEC filed a motion for partial judgment by consent on August 10th, ending litigation against Hamlin without requiring him to admit wrongdoing. The settlement permanently bars him from violating federal securities laws and prohibits him from engaging in related activities.
What financial obligations remain for Hamlin?
The court will determine the exact amounts Hamlin must pay in disgorgement—returning ill-gotten gains—plus prejudgment interest and civil penalties. The SEC will request specific figures after resolving cases against remaining defendants involved in the Forsage
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