Following contempt proceedings initiated in opposition to him, Alejandro Santiestaban, aka Alex Santi, has been ordered to cooperate with the Merchants Area Receiver.
Santi can even foot half the Receiver’s authorized prices in getting him to comply with the courtroom’s orders.
As per a submitting from the Receiver within the lead as much as the order;
The Defendants assert that they shouldn’t be held in contempt as a result of they’ve made good religion efforts to adjust to the Orders.
The Defendants’ conduct, nonetheless, demonstrates a disregard for the Court docket’s authority, and failure to meaningfully try to adjust to the Receiver’s requests till being confronted with the Receiver’s Movement. And, they nonetheless haven’t totally complied.
“Defendants” refers to Santi and Archie Rice, who the Receiver additionally asserted was in contempt.
The courtroom doesn’t seem to have held Rice in contempt nonetheless, so we’ll take references to “defendants” on this article as solely referring to Santi.
Opposite to Mr. Santi’s assertions, he has did not adjust to the Orders by, inter alia, failing to supply the Receiver with a luxurious watch, the requested info relating to his 4 automobiles, his belongings, the assorted enterprise entities managed and/or owned by him, and the bills claimed in his proposed month-to-month funds.
For instance, the Receiver requested Mr. Santi flip over his Rolex Daytona however he failed to take action and has not tried to elucidate his failure.
Additionally, the Receiver requested all paperwork associated to Mr. Santi’s involvement with Alpha Dealer, LLC, together with organizational paperwork, working agreements, and different paperwork reflecting Mr. Santi’s possession and involvement with the enterprise … however Mr. Santi has not produced any such documentation.
The Receiver made quite a few makes an attempt to accumulate needed info from Mr. Santi together with: a accomplished monetary disclosure, turnover of the Rolex Daytona, lease agreements and statements relating to his automobiles, a firearm stock, account statements for his banking accounts and every other companies managed by him, paperwork associated to Alpha Dealer, LLC, and paperwork associated to Centurion Capital.
In sum, Mr. Santi has engaged in a sample of an absence of fine religion efforts to adjust to the Orders, together with failing to supply full and needed documentation to the Receiver.
The courtroom held a listening to on the Receiver’s movement on February twenty sixth. After the listening to, the next order was issued;
Defendant Alejandro Santiestaban shall seem for deposition set for tomorrow, February 27, 2025.
Mr. Santiestaban shall produce at his deposition all remaining paperwork and gadgets requested by Court docket appointed Receiver … in his November 7, 2024 correspondence.
The deposition of Mr. Santiestaban shall be held open upon the whole evaluate of the paperwork to be produced at his deposition, permitting the Receiver to re-depose Mr. Santiestaban ought to the necessity come up.
Mr. Santiestaban is compelled to completely adjust to the Statutory Restraining Order and the next Consent Order of Preliminary Injunction no later than March 7, 2025.
The Receiver’s request for legal professional’s charges within the quantity of $2,890.00 on account of the bills incurred in an effort to acquire Defendants’ compliance is granted. The quantity shall be cut up evenly between Mr. Rice and Mr. Santiestaban.
The CFTC filed go well with in opposition to Merchants Area and related scammers in October 2024.
Santi and Rice have been co-owners of Centurion Capital Group INC, a Florida shell firm by way of which The Merchants Area investor funds are believed to have been laundered.