Permission has been granted for the SAEG Receiver to distribute temporarily to Ponzi victims.
However, according to the Receiver, the distribution payment would be “minimal.”
On February 27th, the SAEG Receiver submitted a motion to grant authorization to make an interim distribution. It came after a $292,263 recovery from Cliq and a $27,000 settlement with Marcus Brisco’s partner Austin Doliboa.
Brisco is still owed $196,065 by the SAEG Receivership as a result of his own $400,000 settlement.
[Brisco] plans to utilize the profits from the sale of his Hawaii home, which is now for sale, to pay this sum to the receivership.
On February 28th, the interim distribution motion submitted by the SAEG Receiver was granted.
$1.1 million will be disbursed, which is just 3.47% of all authorized claims. There were $57.7 million in authorized SAEG claims as of July 2024, however it seems like that sum has decreased.
The minimum dispersion is attributed by the SAEG Receiver to:
Frederick Safranko and Tin Quoc Tran going into hiding, along with the money they stole through SAEG (pegged at over $100 million); seized SAEG Ponzi funds being returned to Francisco Story, as restitution was not part of his consent order; and SAEG Ponzi funds and assets tied to Mike Sims being held in the CFTC’s Traders Domain case (restitution was also not part of Sims’ SAEG consent order)
Uncertainty surrounds the location and status of Safranko, a Canadian citizen, and Tran.
The SAEG Receiver “anticipates making a final distribution at the close of the receivership” once the authorized interim payout is executed.
SAEG was a component of a large-scale Ponzi scam that was linked to The Traders Domain and OmegaPro.
In February 2023, the CFTC sued SAEG, claiming $145 million in fraud. The Traders Domain and OmegaPro are not specifically mentioned in the CFTC’s SAEG lawsuit.
The Traders Domain and OmegaPro are connected to many defendants in the CFTC’s SAEG case.
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