The CFTC has busted a major pyramid scheme run by three companies and five major individuals, the cost of which exceed $145 million of lost funds stolen from almost 1000 investors. All defendant assets were frozen, and the CFTC was granted access to all the firms’ books and records.
The lawsuit points to one Marcus Brisco as one of the main culprits, with his two companies Yas Castellum LLC and Yas Castellum Financial LLC. Then there was Tin Quoc Tran,Michael Shannon Sims, Fredirick “Ted” Safranko, and Francisco Story, as well ass the SAEG Capital General Management LP based in Utah.
The District Court for the Southern District of Texas-ran lawsuit named Tran as the operator of the fraud from April 2020, receiving $145 million of around 913 users. The regulator further disclosed that 43 other participants were victimized when transferring $470 780 between the period of October 2020 and May 2020, all transferred to Yas Castellum LLC which was controlled by Brisco. The latter also manipulated the company records.
The US Commodity Futures Trading Commission is currently seeking to recover all the stolen funds and to slap penalties to all the defendants. It is also seeking to implement trading and registration bans, all permanent, and a ban of being a part of the Commodity Exchange Act and the CFTC.
All around the world, agencies, like the CFTC, are breaking open all kinds of scams and investment frauds in a contact battle to curb financial crimes.