Holton Buggs has been sanctioned for failing to cooperate with the Traders Domain Receiver.
As detailed by the Receiver in his February 5th Second Report;
Defendant Buggs refused to provide information regarding his assets as required by the Court’s orders, and he refused the Receiver’s attempts to depose him regarding his assets.
As a result, the Receiver filed a Motion for Order to Show Cause against Buggs .. that was heard by Magistrate Enjolique A. Lett on December 18, 2024.
After hearing, on December 27, 2024, the Magistrate issued an Order for Sanctions finding that Defendant Buggs violated the SRO and ordering that Buggs provide the information required under the SRO to the Receiver, appear for an asset deposition, and pay a monetary sanction of $9,583.40.
Under threat of further sanctions, Buggs (right) finally complied with the court’s orders on January 13th.
On January 13, 2025, Defendant Buggs provided the Receiver with a financial statement and supporting documents that he labeled a “work in progress” and an “interim report”.
On January 16, 2025, Defendant Buggs gave his asset deposition to the Receiver.
The Receiver notes that, as of February 5th, Buggs hasn’t paid his sanctions penalty to the Traders Domain Receivership.
Through his attorney, Buggs claims his “assets are frozen and therefore he cannot pay the sanction”.
In response to this the Receiver cites Buggs asset deposition, wherein Buggs claims confirmed he was still earning “about $100,000” a month through
iBuumerang
.
Whether the court takes further action against Buggs remains to be seen.
In the meantime, the Receiver has identified the following assets of Buggs that may be subject to forfeiture:
two residential properties in Houston, Texas
three “Fifth Ward” vacant lots in Houston, Texas
a residential property in Tampa, Florida
a Muhammad Ali painting
“a number of luxury branded watches”
“several items of jewelry Buggs identified”
a 2020 Tesla
a Spyder GS motorcycle
a SeeDoo speed boat
money put down on the purchase of 3 condos in Miami, Florida
a glock gun
an undisclosed amount of cash
equity investment in various start-up companies
money owed to Buggs from
Organo Gold
designer clothes and furniture
potential business assets and
business interests
Other points of interest in the Receiver’s report include:
defendant Juan Herman, aka JJ Herman, has
fled to Dubai
, leaving two properties behind that could be subject to forfeiture;
Fredirick Teddy Joseph Safranko and David William Negus-Romvari remain in violation of the court’s orders and are in hiding; and
Alejandro Santiestaban, aka Alex Santi and Archie Rice have failed to provide complete financial information to the Receiver, prompting filing of a contempt motion on January 29th.
It should also be noted that a number of The Traders Domain defendants, including
Mike Sims
, asserted their Fifth Amendment right when pressed on details of their assets.
This suggests some of The Trade
🤖 Quick Answer
What sanctions were imposed on Holton Buggs in the Traders Domain case?On December 27, 2024, Magistrate Enjolique A. Lett issued an Order for Sanctions against Holton Buggs for violating the Statutory Restraining Order in the Traders Domain receivership. Buggs was ordered to disclose asset information to the Receiver, appear for an asset deposition, and pay a monetary sanction of $9,583.40.
Why was Holton Buggs sanctioned in the Traders Domain receivership?
Buggs refused to provide information regarding his assets as required by court orders and declined the Receiver's attempts to depose him. The Receiver subsequently filed a Motion for Order to Show Cause, which was heard on December 18, 2024, resulting in sanctions issued on December 27, 2024.
**Who filed
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