While criminal indictments have not yet been revealed, I have reason to believe that they exist.
According to the court filed complaint, Michael and Virgil solicited subscribers to their ThePumpTracker.com website to become investors in AgedDebt.net. At least seven investors contributed to the scheme. These dupes signed Equity Participation Partnership Agreements under which AgedDebt purported to purchase convertible notes against public companies, convert them to stock and then sell the stock into the market. Profits were to be split 30% - 70% with the Osborns and Williams to receive the lion's share. Shenae signed most of the agreements on behalf of AgedDebt.net. She was also the only signer on the bank account.
As is common for Michael, phony account statements and trade reports were distributed to investors and Mike and Virgil made verbal misrepresentations on the telephone. Mike used the alias "Tom Furlong" when dealing with investors in order to hide from his past crimes and escape this website, Attempts to elude this blog were in vain, as I had already exposed Mike's involvement prior to the unsealing of the indictments in the Commissum Universes scheme.
Shenae in October 2016 |
The Osborns were last reported to be living at a New York hotel at the cost of almost $12,000 per month. Since Michael's incarceration for the Commissum Universes scam, Shenae and the kids have apparently disappeared again.
"Michael Osborn and Shenae Osborn controlled VIP’s financial accounts and knew investor funds were not used to purchase convertible notes or other rights to securities, but were instead used to pay personal and other expenses."
Virgil Williams |
According to the complaint, the Osborns had already spent almost all of the stolen funds. It seems fantastic that they could have spent more than $400K that quickly, but in the past the Osborns have shown that they have the ability spend money fast. At least $5 million has disappeared in the last 6 years. I would however imagine that a few dollars have been socked away under a mattress somewhere in case of emergencies like Michael's incarceration. The complaint states that Shenae withdrew $250,000 in cash and cashiers checks from the VIPWallSt bank account.
Virgil Williams' take from the scheme was not specified in the complaint, other than to say that he "was compensated".
Michael, who is now imprisoned at the Canaan penitentiary in Pennsylvania, is scheduled to be released on June 22, 2022, but I wouldn't bet on that happening.
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