Tin Quoc Tran, one of the ringleaders in the SAEG series of Ponzi schemes, has copped a $512 million default judgment.

Following Tran’s failure to respond to the CFTC’s SAEG lawsuit and evasion of service, default judgment was entered on July 26th, 2024.

Tran’s default judgment sees the court certify it has

reviewed the CFTC’s Motion, the Complaint [and] the allegations of which are well-pleaded and hereby taken as true.

The CFTC’s allegations pertain to Tran defrauding consumers out of over $190 million, through “interconnected fraudulent schemes”.

Collectively we know of these schemes as SAEG. Of interest to BehindMLM is SAEG having connections to OmegaPro and The Traders Domain.

As a result of his fraudulent conduct, the court has issued a permanent injunction against Tran. Tran’s injunction prohibits further Code of Federal Regulations violations.

On the money side of things, Tran will pay $128.1 million in restitution and a $384.4 million civil penalty.

The SAEG Receiver has already seized bank accounts and property belonging to Tran. Liquidation of these assets will be put towards Tran’s judgment.

In September 2023 one of Tran’s accomplices, Ted Safranko, was hit with a $3.8 million judgment. Both Tran and Safranko went underground upon learning they were under investigation.

The CFTC’s case against the remaining SAEG defendants continues.