Francisco Story has settled SAEG Ponzi prices with the CFTC for $125,000.
The CFTC filed go well with in opposition to Story in January 2023 over his participation within the collapsed SAEG Ponzi scheme.
As alleged by the CFTC, Story managed firms that had been used to laundering cash stolen by SAEG Ponzi victims.
As a part of his settlement, Story consented to an August twenty second court docket order that finds he “submitted false statements to NFA”.
Story, as a director, officer, and agent of Entity Defendant A, knowingly submitted falsified pool financial institution statements to the Nationwide Futures Affiliation (“NFA”) … throughout an examination of Entity Defendant A.
Along with the tens of millions of {dollars} in omitted transactions, the falsified statements produced to the NFA contained different indicators of forgery, together with spacing inconsistencies, misalignments of textual content, and non-matching logos.
The order grants the CFTC a everlasting injunction in opposition to Story, prohibiting additional acts of commodities fraud. A $125,000 civil financial penalty (CMP) was additionally ordered.
Upon full satisfaction of the Defendant’s CMP Obligation, satisfaction of financial sanctions will probably be entered as to Defendant.
Upon cost of the CMP, the beforehand ordered asset freeze on Story will probably be lifted.
The SAEG collection of Ponzi schemes had been a part of The Merchants Area, a mega-Ponzi run by Ted Safranko (proper).
Safranko was charged by the CFTC however has gone into hiding.
BehindMLM’s curiosity in these interconnect schemes pertains to OmegaPro, a billion greenback MLM crypto Ponzi that funnelled into The Merchants Area.
Turkish authorities have pegged OmegaPro sufferer losses at $4 billion. Based mostly on withdrawals by its high net-winners, The Merchants Area took in an estimated $3.3 billion.
As of but no The Merchants Area or OmegaPro particular prices have been filed within the US. As famous, Ted Safranko has gone into hiding.
OmegaPro co-founder Andreas Szakacs was arrested in Turkey again in July. The scope of the Turkish investigation into OmegaPro, and by extension The Merchants Area, has not been made public.
Whether or not US authorities file prices in relation to OmegaPro and The Merchants Area stays to be seen.