A court-appointed receiver has accepted 211 fraud claims totaling $57.7 million from victims of SAEG, a Ponzi scheme that defrauded investors across multiple platforms.

The SAEG Receiver approved 160 claims for their full submitted amount. Another 51 claims passed review but with reduced payouts worth $13.2 million combined. The receiver rejected 48 claims entirely.

In a July 18th filing, the receiver laid out why some claims got cut or denied. Victims claiming money failed to subtract what they'd already lost through SAEG. Others inflated their losses by listing both their original investment and the fictional returns they'd been promised. Some couldn't back up their claims with bank statements or other documents. A handful tried to file against companies that weren't even defendants in the case. A few attempted to recover bank fees. Mathematical errors sank others.

The receiver asked the court to sign off on its claims processing. Victims will get a chance to challenge the receiver's findings once they see the full Claims Report.

SAEG was the centerpiece of a larger fraud operation with deep ties to two other schemes: OmegaPro and The Traders Domain. The Commodity Futures Trading Commission sued SAEG in February 2023, but did not include OmegaPro or The Traders Domain in that case.

Five men face charges as individual defendants: Marcus Todd Brisco, Tin Quoc Tran, Francisco Story, Frederick Safranko (also known as Ted Safranko), and Michael Shannon Sims (also known as Mike Sims). Court records show multiple defendants had connections spanning across SAEG, The Traders Domain, and OmegaPro.

As of January 2025, the SAEG Receiver has approved 211 claims valued at $31.1 million combined.

🤖 Quick Answer

How many fraud claims did the SAEG Receiver accept and what was their total value?
The court-appointed SAEG Receiver accepted 211 fraud claims totalling approximately $57.7 million. Of these, 160 claims were approved at their full submitted amount, while 51 additional claims were approved with reduced payouts collectively worth $13.2 million. A further 48 claims were rejected entirely during the review process.

Why were some SAEG victim claims reduced or denied by the Receiver?
The Receiver reduced or denied claims for several documented reasons: some victims failed to subtract prior recoveries from their losses, others inflated figures by including both original investments and fictitious promised returns, certain claimants lacked supporting documentation such as bank statements, and some filed against entities not named as defendants in the case.

What is the SAEG fraud case about?
SAEG was

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