The Merchants Area has obtained a securities fraud warning from Quebec, Canada.
As per the Autorite des Marches Financiers’ August twenty first warning;
The Merchants Area isn’t registered with the Autorité des marchés financiers (AMF) and isn’t licensed to solicit buyers in Quebec.
Below Quebec regulation, corporations providing passive returns by funding schemes should be registered. Failing to register with the AMF constitutes securities fraud.
The AMF cites The Merchants Area as working from two recognized entities; Merchants Area FX Inc. and Merchants Area FX Ltd.
The Merchants Area was a foreign exchange ruse Ponzi scheme run by Canadian nationwide Frederick Safranko (aka Ted Safranko, proper).
The Merchants Area collapsed in late 2022, dragging down a number of feeder Ponzi schemes with it.
Observe it’s unclear why it took the AMF nearly two years post-collapse to problem a The Merchants Area fraud warning.
BehindMLM has an curiosity in OmegaPro, an MLM crypto Ponzi tied to The Merchants Area by Michael Shannon Sims.
OmegaPro co-founder Andreas Szakacs was lately arrested in Turkey. Dilawar Singh, final recognized to be dwelling in Spain, is believed to be on the run.
A French investigation into OmegaPro was confirmed in July 2024. The US has but to publicly verify a felony investigation into The Merchants Area and/or OmegaPro.
In February 2023 the CFTC filed civil fraud fees towards Safranko, Sims and several other co-conspirators. The CFTC’s fees pertain to the SAEG sequence of Ponzi schemes, run by Tin Quoc Tran and Safranko.
The SAEG Ponzi schemes are believed to be a part of the The Merchants Area feeder Ponzis.
Following submitting of the CFTC’s civil fraud case, each Tran and Safranko went into hiding.
BehindMLM is at present processing a database of The Merchants Area net-winners. The checklist options many well-known MLM business figures, together with Eric Worre and Holton Buggs.
Pending affirmation by way of the end result of ongoing investigations, whole funds stolen by The Merchants Area is estimated to be round $3.3 billion.