SEC v. Daniel J. Bean (ponzi schemes, 2016)

Settled

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In August 2016 the SEC settled with Daniel Bean over selling JCS Enterprises and T.B.T.I. investment contracts, which were a Ponzi scheme, as an unregistered agent: $148,500 of disgorgement, $11,904.65 of interest and a $7,500 penalty.

The record

What was ordered

Civil penalty

$7.5k

Disgorgement

$149k

Prejudgment interest

$11.9k

Total relief

$168k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The order finds that Bean sold interests in the Virtual Concierge program without registering. The operators were charged in 2014 with running a Ponzi scheme in which new investors' money paid earlier ones.

The record carried the interest and penalty but omitted the disgorgement.

This library tags the matter as ponzi schemes because the document describes money from later investors being used to pay earlier ones. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Ponzi schemes — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2016-08-16 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.