The CFTC has secured default judgment towards SAEG Capital Normal Administration and Fredirick Safranko.
Following Entry of Defaults recorded towards each SAEG and Safranko, default judgment was ordered on September fifth.
As per the CFTC’s January 2023 Criticism, SAEG was a $145 million Ponzi scheme.
Safranko (proper) was co-owner of SAEG, together with co-defendants Tin Quoc Tran and Francisco Story.
Each SAEG and Safranko have failed to reply or defend the CFTC’s allegations.
As per their respective default judgments, a everlasting injunction has been granted prohibiting additional violations of the US Code.
SAEG and Safranko are additionally completely prohibited from buying and selling or having something to do with commodities pursuits.
On the cash aspect of issues SAEG and Safranko are collectively accountable for a $3,861,252 civil penalty. There isn’t a forfeiture element to the default judgment orders.
Safranko, a Canadian nationwide, is believed to have gone underground.
This seems to be anticipation of felony and civil prices being filed, in relation to Safranko’s a lot bigger The Dealer’s Area Ponzi scheme.