Gregory “Tuffy” Baum and Frank DiCrisi are linked to Traders Domain through Savvy Wallet.
The connection between Savvy Wallet and Traders Domain was first covered by BehindMLM back in February 2023.
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Briefly put, Oscar Garcia, DiCrisi, and Baum were in charge of the now-defunct Batched Ponzi operation.
At some point, DiCrisi and Baum started using Savvy Wallet, a cryptocurrency payment processor they owned, to transfer payments from Batched investors to Traders Domain.
Midway through 2022, Batched received a request for information from the SEC regarding the company.
DiCrisi and Baum fired Garcia toward the end of 2022. Traders Domain and Batched both collapsed around the same time.
The SEC is currently looking into Baum and DiCrisi as well as Batched and Garcia.
What is a Ponzi Scheme?
A Ponzi scheme is a criminal deception investing fraud pledging increased rates of interest with less chance of loss to investors. On the other hand, a Ponzi scam is a deceitful investing fraud that induces retrievals for earlier investors with money carried from later investors.
The Traders Domain’s millions were purged in groups.
After asserting that Savvy Wallet’s founder, Frank DiCrisi was partly to blame for Batched’s demise, Oscar Garcia recently stated in a civil filing that tens of millions of dollars had also been laundered.
To your knowledge, the people engaged in this story are:
- Batched – the rebranding of the Uulala Ponzi scheme (late 2021)
- Oscar Garcia – owner and CEO of Uulala and Batched
- Fire blocks – a crypto payment processor used by Batched
- Batched Merchant Services – shell company created by Frank DiCrisi in mid-2022
- The Traders Domain – collapsed Ponzi scheme (non-MLM)
- Ted Frederick Joseph Safranko – the owner of The Traders Domain
- Savvy Wallet – cryptocurrency wallet and payment processor
- Frank DiCrisi – co-owner and COO of Batched, co-owner of Savvy Wallet and The Traders Domain investor
- Gregory “Tuffy” Baum – co-owner of Savvy Wallet and The Traders Domain investor
After asserting that Frank DiCrisi was to blame for Batched’s demise, Oscar Garcia recently stated in a civil filing that tens of millions of dollars had also been laundered.
On January 12, 2023, the Court ordered the following, and I had 24 hours to comply after receiving the “Order to Show Cause Re Preliminary Injunction, and Temporary Restraining Order” in the mail.
(1) carry out all necessary steps to reactivate the Fireblocks platform,
(2) provide Plaintiffs with the secret keys for the Fireblocks platform.
(3) allow the plaintiffs to use the Savvy Wallet platform by giving them access to the mobile app’s API code.
(4) permit entry to the vaults for the Master Account and Fireblocks, and
(5) refrain from blocking or deactivating the Fireblock platform any further.
Later on, it would become clear why Savvy Wallet’s owner and Gregory “Tuffy” Baum were so keen to obtain Batched’s Fireblocks credentials.
Garcia asserts that as of January 19th, he complied with the criteria listed in the TRO.
If the proposed injunction were granted, the terms would become impermeable.
Garcia makes it quite apparent in his submission that the SEC’s 2021 lawsuit against the company for fraud is what led to the removal of the Uulala branding.
We selected a firm to reach a settlement with the SEC following years of litigation. I was given a personal punishment, but I was not required to acknowledge or deny my wrongdoing.
Additionally penalized was Frank DiCrisi’s owned and operated business, Uulala.
After learning of the SEC investigation and settlement and the resulting penalties, we discovered that some of our banking providers had stopped providing us with their services.
We switched Berkeley Payments to be the program’s new card issuer. The name of the main bank in Berkeley is Evolve Bank.
Frank DiCrisi and I continued to run the business while switching all services to Evolve Bank.
Batched and Uulala both created accounts with Evolve Bank. The Uulala card-issuing scheme was abruptly terminated by Evolve Bank, who kept Batched as a client and cited the SEC settlement as justification.
Uulala was shut down somewhere in or around March 2022, in contrast to Batched, which was still active at Berkeley and Evolve Bank.
Soon after, I got a call from Frank DiCrisi notifying me that in order for us to continue doing business with Evolve Bank, they would have to delete my name from their records. And I concurred.
Until July 2022, when the SEC said that it was resuming its investigation into the company , Batched continued operations.
The SEC sent us another letter around July 2022 requesting further information regarding Uulala, Batched, and any other businesses we started or owned.
Batched Merchant Services was developed by Garcia and the Savvy Wallet founder in response to the SEC’s letter.
In this attempt at feigned compliance, the Batched DAO was for MLM, and Batched Merchant Services would handle the business’s financial operations.
Garcia claims that the Batched Merchant Services agreement he and DiCrisi signed was wrongly backdated to 2021 because Batched Merchant Services wasn’t even created until 2022.
I thought the agreement was incredibly strange. It is now obvious that Plaintiffs and Frank DiCrisi took another step toward the development and implementation of the Ponzi scheme with the separation of Batched into Batched Merchant Services and Batched DAO.
Not Batched itself as a Ponzi scam, which we’ll discuss later, but The Traders Domain.
The Agreement was a weapon in the Plaintiffs’ scam because it was utilized to calm SEC concerns, give the firms a more reputable appearance, and enable the development and operation of the Ponzi scheme.
Pursuing this case was one of the actions the Plaintiffs and Frank DiCrisi used to prove their authority over the Ponzi scheme.
The contract’s primary objective, which is to perpetuate a Ponzi scheme and engage in money laundering against the consumers of the Plaintiffs, is made possible by the fact that it is illegal.
Batched’s “accounting issues” first surfaced in October 2022, according to the ongoing SEC probe.
I repeatedly told the Savvy Wallet founder on the phone and in messages that we needed to take care of the accounting issues (i.e., who we owe money to and how much we owe them) immediately away.
I admitted to him that I was worried that our delays would result in some people suing us.
At this point, Garcia reportedly became aware of the Traders Domain Ponzi scheme.
On October 28, 2022, I learned about “The Traders Domain” program through these SMS messages.
Frank DiCrisi claimed to have the means to pay off our debts to sales agents as well as make money. He responded to my question on how he would describe the program to me.
He said I could literally start withdrawing 1% to 2% per day right immediately if I invested $20,000 into the plan.
I warned him in my text message to him that it sounded unsustainable and similar to many of the unlawful activities that had previously been shut down.
He insisted that being associated with his family had already given him many benefits. In a text message, he claimed to be in charge of $4 million of their funds and promised to make us whole if something went wrong.
I promised to call him later to discuss it. He made it clear that he and his son, as well as Plaintiff Gregory “Tuffy” Baum and his son, were enjoying excellent success throughout the talk.
When I questioned Frank DiCrisi about who brought “The Traders Domain” in, he responded that Gregory “Tuffy” Baum and Plaintiff Savvy Wallet LLC (“Savvy”) were responsible.
I told him I wasn’t willing to take the chance of taking part in a prohibited program. I was concerned about the request for a continuing inquiry and my SEC settlement.
Taking November 2022 into consideration;
In November, when I was going through my emails, I stumbled upon a peculiar email that Frank DiCrisi had written to Fireblocks, the business that had provided our cryptocurrency wallet.
Beginning in 2021, we began utilizing FireBlocks with Uulala and paying them $5,000 per month for their services. We continued to use the service with Batched for a full year, paying over $60,000.
However, after reading this email, I understood Frank DiCrisi was attempting to remove my data from the database.
In an email to all parties concerned, I questioned the timeliness and legitimacy of this request. In response, Frank DiCrisi asserted that it had already happened, possibly on November 9, 2022.
I retorted, “This was not how we had agreed to do things.”
Garcia and the Savvy Wallet founder apparently resolved the problem over the phone afterwards.
He and I decided that the ownership would remain in my console after our phone conversation.
Things start to get murky at this point since Garcia discovered DiCrisi had “sold” Batched to himself via conversation with Fireblocks.
Frank DiCrisi’s subsequent emails to Fireblocks, which served as confirmation of our recent phone chat, gave them the go-ahead to transfer ownership to me.
He sent me two emails to confirm this.
Frank DiCrisi never disclosed to me that he had transferred Batched Merchant Services to Savvy in October 2022, despite what he stated in his statement that was included with the “Ex Parte Application for Temporary Restraining Order and OSC Re: Preliminary Injunction.”
These behaviors alarmed me. I immediately blocked his access to email and began looking into his behavior.
I discovered that Frank DiCrisi asked for help to modify Batched DAO LLC’s ownership status sometime in or around July 2022.
Tracey Wallace and Frank DiCrisi emailed our LLC service provider to inquire about the requirements for the ownership change.
She wanted my signature, and our LLC provider’s correspondence confirmed that she needed it.
After that, I saw Frank DiCrisi sign the document she needed with my signature in an email.
This is not my signature, and I don’t remember signing it. That document was made up by someone. It concerned me.
DiCrisi was eventually questioned by Garcia about his findings.
After a few days, I sent Frank DiCrisi an email detailing all I had discovered.
I sent Frank DiCrisi an email on or around November 16, 2022, telling him to halt working and that “Any mismanagement or fraudulent convenience of Tech, Vendors, Clients or funds is frankly illegal and a case against you me or both.”
In the email, I talked about my analysis of the more than $11 million in cryptocurrency payments to the business “The Traders Domain” that passed via our system.
I informed him that the business he was working with couldn’t possible exist in the US.
The business makes this assertion on its website. In the email, I told Frank DiCrisi that I had an outside accounting team look at the business and its procedures.
The independent accounting team was concerned that someone might have been exploiting this circumstance as a cover for utilizing a mule to launder money.
Our system acted as the “mule” in these transactions, and Frank DiCrisi was the insider who gave the go-ahead for these operations.
I told him about my worries and reminded him that we needed to work through and get over these obstacles.
Frank DiCrisi emailed me a settlement agreement in response to my email rather than a claim that he had sold the business to Savvy in October or a request for Fireblocks keys.
DiCrisi’s offer of $200,000 in services and six months of assistance was accepted by Garcia.
The disclosure of the Evolve Bank data belonging to Uulala and Batched was also covered by the settlement agreement.
These are never made available.
He explained why he was unable to obtain them. I discovered an email in which Frank DiCrisi is observed downloading our two bank accounts’ computerized statements in the beginning of 2022.
I believe he misled us on that.
Garcia claims that DiCrisi oversaw the laundering of tens of millions of dollars from The Traders Domain Ponzi scheme through Batched between November 2022 and the end of the year.
I learned about several instances during the Christmas break where the team had taken deposits in cryptocurrencies and misused them.
I learned that there were several misplaced Bitcoins worth a total of $40,000.
I informed Frank DiCrisi that he would need to investigate his questionable accounting procedures to see which clients were permitted to withdraw Bitcoin or exchange it for cash in order to reconcile the account.
I requested all of his records from him. Instead, he requested me to dispatch one of our top programmers—with whom Frank DiCrisi was no longer keen to collaborate—to investigate the matter.
Then I did. The surprising information that was revealed, however, was that over the previous two months, roughly $20 million worth of bitcoin had entered and exited our system.
The majority of the transactions were for the business “The Traders Domain,” and even though there were no fees involved, I was moved to intervene when we became aware of this. I carefully audited and looked over each transaction’s legal components.
Garcia talks about The Traders Domain’s Batched money laundering activities in this section of the petition.
The Traders Domain is a Ponzi scheme. Frank DiCrisi and Gregory “Tuffy” Baum are contributing their own money to the Ponzi scheme.
They have sent more than $50 million in cryptocurrencies and US dollars directly to the “The Traders Domain” systems using our technology and service providers.
The Traders Domain is either Savvy Wallet’s partner or client.
To develop a customized mechanism that would permit the entry of US dollars and cryptocurrencies into the Traders’ Domain, Savvy hired technical experts from Batched.
Significant incoming fund transfers received on behalf of a foreign client with little to no justification are typical indicators of a Ponzi scam.
The majority of financial transfer activity is illogical, repetitive, and displays odd patterns.
Furthermore, payments and receipts frequently have little to do with the actual contracts, sales, or services provided. In this circumstance, each of these symptoms might be present.
In order to enable the Traders Domain to operate in the US, the Plaintiffs modified the Batched system throughout the course of my inquiry.
This activity is supported by some of the transactions we have seen, which show that during November and December 2022, more than $20,841,697.519 in USDT was moved into and out of our Fireblocks service.
Garcia says he “shut down” Batched’s Fireblocks account after that.
When I removed the Fireblocks account, I did not sever the Plaintiffs’ business ties.
I took action to put a halt to the illicit activity that was occurring and to safeguard the funds belonging to Plaintiffs’ clients who were participating in the Ponzi scheme.
We were able to temporarily stop the Ponzi scheme from using Plaintiffs’ clients’ money by deactivating the site and opening the door for an audit.
DiCrisi and Gregory “Tuffy” Baum received access to the illicit riches and the frozen Fireblocks account via the authorized TRO notwithstanding The Traders Domain’s failure.
On January 3, 2023, I emailed Frank DiCrisi with instructions to “turn off all access to systems until the audit and legal are done.” I also explained the need for a thorough audit.
The Court should compel the deactivation of the Fireblocks platform in order to halt the Plaintiff’s unlawful conduct and safeguard the money owned by Plaintiff’s clients.
On January 9th, 2023, Gregory “Tuffy” Baum and Frank DiCrisi filed a lawsuit against Oscar Garcia. As stated earlier, I think the ex-parte TRO was approved on January 12.
A hearing will be scheduled on February 27 to go over the request for a preliminary injunction.
I don’t have direct access to the court records, but I’ll check again on February 28 to see if anything has changed.
Reddit Discussions on Savvy Wallet
Here’s a Reddit discussion on Savvy Wallet. It exposes the owners of Savvy Wallet and summarizes the entire controversy.
Whether you’re interested in Savvy Wallet or DiCrisi, it’s a good thread to check out:
Savvy Wallet Review: Conclusion
It’s evident from the above points that Savvy Wallet is not a reliable. If you’re thinking of dealing with Savvy Wallet be extremely careful. Do you know anyone who is interested in Savvy Wallet?
Please share this Savvy Wallet review with them.
Alternatively, if you have any experience in dealing with Savvy Wallet, please share your Savvy Wallet review below in the comment section.