Vincent Boutin has settled his Traffic Monsoon clawback case with the Receivership.
Boutin, a Canadian national, failed to make an appearance in clawback proceedings initiated in 2019.
The Receiver’s investigations revealed that Mr. Boutin joined Traffic Monsoon on or about November 1, 2014 and remained active until around July 25, 2016.
During that time, Mr. Boutin received net winnings of $761,541.86 from Traffic Monsoon, making him one of the Net Winners.
This resulted in an eventual $945,693 default judgment in November 2021.
In December 2022, the Receivership “filed an introductory demand in the Superior Court of Quebec in the District of Arthabaska”, seeking “recognition and enforcement of the Judgment”.
This prompted Boutin to enter settlement negotiations with the Receivership.
On October 9th the Traffic Monsoon Receiver filed a motion requesting settlement of proceedings against Boutin.
Mr. Boutin claimed he lacked sufficient assets to satisfy the Judgment and provided verified financial statements to support his claim that he was no longer in possession of the fictitious profits he received from Traffic Monsoon.
On August 31, 2023, Mr. Boutin provided relevant financial records to the Receiver disclosing his current and past financial situation and signed an affidavit (the “Affidavit”) verifying the accuracy of the financial records.
Pursuant to the Affidavit, the provided financial records, and communications with Mr. Boutin’s counsel, the Receiver determined that Mr. Boutin lacks sufficient assets to satisfy the Judgment.
Based on the financial records submitted with Mr. Boutin’s Affidavit and the communications with Mr. Boutin’s counsel, the Judgment renders Mr. Boutin insolvent and if the Canadian Enforcement Action was to continue, Mr. Boutin would likely commence bankruptcy proceedings.
A settlement was nonetheless reached on September 13th, 2023, wherein Boutin agreed to pay back an undisclosed sum to the Receivership.
Unfortunately Boutin’s financial records and the settlement amount are filed under seal…
As set forth in the Settlement Agreement, the parties agree to keep certain contents of the Settlement Agreement confidential.
…meaning we don’t know how much was ultimately clawed back.
The court approved Boutin’s Traffic Monsoon Ponzi settlement on October 20th, bringing clawback proceedings against him to an end.