CFTC publishes Merchants Area sufferer survey

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The CFTC is reaching out on to victims of The Merchants Area Ponzi scheme.

The federal regulator revealed a “confidential buyer survey” on November 14th, which it claims will “present [the] CFTC with pertinent info on this case.”

The CFTC advises The Merchants Area victims that “completion of this buyer survey is voluntary and never required.”

In its persevering with litigation, the CFTC seeks full restitution to defrauded prospects, disgorgement of any ill-gotten features, civil financial penalties, everlasting buying and selling and registration bans, and a everlasting injunction in opposition to additional violations of the Commodity Trade Act and CFTC laws, as charged.

The Merchants Area was a ~$3.3 billion Ponzi scheme that attracted plenty of well-known MLM business figures.

The CFTC filed swimsuit in opposition to The Merchants Area in October 2024. Named defendants within the CFTC’s swimsuit are:

  1. Merchants Area FX LTD., dba The Merchants Area, St. Vincent and the Grenadines shell firm
  2. Fredirick Teddy Joseph Safranko, aka Ted Safranko (proper), co-founder of The Merchants Area
  3. David William Negus-Romvari, co-founder of The Merchants Area
  4. Ares World LTD., dba TruBlueFX, Saint Lucia shell firm
  5. Algo Capital LLC, Miami shell firm
  6. Algo FX Capital Advisor LLC, nka Quant5 Advisor LLC, Delaware shell firm
  7. Robert Collazo Jr., co-owner of Algo FX Capital Advisor LLC
  8. Juan Herman, aka JJ Herman, co-owner of Algo FX Capital Advisor LLC
  9. John Fortini, Vice President of Algo FX Capital Advisor LLC
  10. Steven Likos, Algo FX Capital Advisor LLC gross sales rep
  11. Michael Shannon Sims, aka Mike Sims, The Merchants Area promoter and insider
  12. Holton Buggs Jr., The Merchants Area promoter
  13. Centurion Capital Group INC, Florida shell firm
  14. Alejandro Santiestaban, aka Alex Santi, co-owner Centurion Capital Group INC
  15. Gabriel Beltran co-owner of Centurion Capital Group INC,  and
  16. Archie Rice, Centurion Capital Group INC gross sales rep

Ted Safranko went into hiding after The Merchants Area collapsed. A lot of defendants have already consented to preliminary injunctions and asset freezes.

Holton Buggs is difficult the CFTC’s request for a preliminary injunction. A showdown listening to is presently scheduled for December tenth.