Tin Quoc Tran, one of many ringleaders within the SAEG collection of Ponzi schemes, has copped a $ default judgment.
Following Tran’s failure to answer the CFTC’s SAEG lawsuit and evasion of service, default judgment was entered on July twenty sixth, 2024.
Tran’s default judgment sees the courtroom certify it has
reviewed the CFTC’s Movement, the Grievance [and] the allegations of that are well-pleaded and hereby taken as true.
The CFTC’s allegations pertain to Tran defrauding shoppers out of over $190 million, by way of “interconnected fraudulent schemes”.
Collectively we all know of those schemes as SAEG. Of curiosity to BehindMLM is SAEG having connections to OmegaPro and The Merchants Area.
On account of his fraudulent conduct, the courtroom has issued a everlasting injunction towards Tran. Tran’s injunction prohibits additional Code of Federal Rules violations.
On the cash aspect of issues, Tran can pay $128.1 million in restitution and a $384.4 million civil penalty.
The SAEG Receiver has already seized financial institution accounts and property belonging to Tran. Liquidation of those property will likely be put in the direction of Tran’s judgment.
In September 2023 certainly one of Tran’s accomplices, Ted Safranko, was hit with a $3.8 million judgment. Each Tran and Safranko went underground upon studying they have been underneath investigation.
The CFTC’s case towards the remaining SAEG defendants continues.