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The brand new SEC issue, submitted Monday in the You.S. Section Judge in Miami, said Air Group Us and you may manager Efrain Betancourt, thirty two, sold promissory notes so you’re able to at the least 505 traders have been guaranteed efficiency out-of anywhere between twenty-four% and you will 120%.
Since the dealers was basically advised that the company’s pay day loan team is profitable, actually the brand new proceeds Air Group generated from its consumer loan company were woefully shortage of to pay for principal and notice repayments so you’re able to people, the newest complaint claims.
As an alternative, Betancourt used funds from the fresh people to blow promised returns to help you early investors, a familiar trait off an effective Ponzi strategy, the newest SEC said.
This new grievance alleges he as well as invested about $dos.9 billion from inside the privileges for themselves, together with on an excellent chateau wedding in the France and you may holidays to Disney Business as well as the Caribbean. Continue reading “Venezuelan area focused inside so-called $66 million investment scam”