Victims of the SAEG Ponzi scheme won't see much back from what they lost.

A court approved the receiver's plan to distribute $1.1 million to defrauded investors this week, but that's just 3.47% of the $57.7 million in approved claims. The tiny payout came after the receiver recovered $292,263 from Cliq and secured a $27,000 settlement with Austin Doliboa, an associate of Marcus Brisco, the scheme's operator.

The approval came February 28th, one day after the receiver filed the motion on February 27th.

Brisco himself agreed to a $400,000 settlement but still owes the receivership $196,065. He's promised to pay that from the sale of his Hawaii home, currently on the market. Even if he follows through, victims will get almost nothing.

The reason is blunt: the people who stole the most are gone. Frederick Safranko and Tin Quoc Tran took the money and disappeared. Investigators estimate they siphoned over $100 million through SAEG. No one knows where they are or if they'll ever be found.

Two other major obstacles are blocking full restitution. A judge returned seized SAEG funds to Francisco Story, but his settlement with the CFTC didn't require him to pay restitution. The same problem exists with Mike Sims. Assets tied to him are frozen in a separate CFTC case called Traders Domain, and his consent order also didn't mandate restitution to SAEG victims.

The CFTC originally sued SAEG in February 2023, alleging $145 million in fraud. The scheme was tangled with two other operations: OmegaPro and The Traders Domain. Some defendants share connections to both schemes, though the CFTC's SAEG case doesn't formally name OmegaPro or The Traders Domain as defendants.

The receiver says this interim distribution won't be the last. Once the receivership closes, a final distribution may happen. But with the architects of the scheme missing and most assets inaccessible, that final payout could be just as meager as this one.

🤖 Quick Answer

What percentage of their losses will SAEG Ponzi scheme victims recover?
Victims of the SAEG Ponzi scheme will recover approximately 3.47% of their approved claims. A court approved distribution of $1.1 million to defrauded investors out of $57.7 million in total approved claims. This minimal recovery reflects limited asset recovery efforts by the receiver, including settlements and fund seizures from scheme associates.

Who was the primary operator of the SAEG Ponzi scheme?
Marcus Brisco was the operator of the SAEG Ponzi scheme. He agreed to a $400,000 settlement with the receivership but still owes $196,065. Brisco pledged to pay remaining amounts from the sale of his Hawaii property, though full recovery remains uncertain for victims.

How much did the receiver recover from the initial asset recovery efforts?
The receiver recovered $

🔗 Related Articles

- Mike Sims up for contempt over mortgage shenanigans
- Juan Carlos Reynoso denied OmegaPro pretrial release
- SAEG Receiver seizing Mike Sims’ assets
- FBI seeking information from OmegaPro Ponzi victims
- Global1Entertainment money laundering & wire fraud case confirmed