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The brand new SEC problem, registered Tuesday inside the You.S. Section Courtroom in Miami, said Air Class United states of america and you can manager Efrain Betancourt, thirty two, marketed promissory cards to no less than 505 buyers who have been guaranteed production out-of anywhere between twenty-four% and you can 120%.
Due to the fact traders have been advised your company’s payday loans organization is https://badcreditloanshelp.net/payday-loans-az/ profitable, actually the newest proceeds Heavens Group made from the consumer loan team was basically woefully diminished to pay for principal and you can focus repayments so you’re able to buyers, brand new complaint claims.
Instead, Betancourt put funds from new buyers to spend promised dividends so you can early buyers, a common feature out-of a good Ponzi scheme, the SEC said.
The fresh new issue alleges he along with spent no less than $dos.9 billion inside luxuries for himself, together with for the good chateau marriage inside the France and you may getaways to Disney World in addition to Caribbean. At least $step three.6 million gotten in order to family and you will friends for no apparent organization objective.
Sky Group and Betancourt attracted unsuspecting investors, plus of a lot members of new Southern area Fl Venezuelan-American neighborhood, having false states and claims away from highest-go back, low-exposure expenditures, told you Eric I. Bustillo, manager of one’s SEC’s Miami local place of work, inside the an enthusiastic SEC news release. We still warning buyers becoming careful of one investment you to pledges returns that are too good to be true.
Michael Bresnick, an arizona D.C.-centered lawyer symbolizing Sky Class and you can Betancourt, told you from inside the an email report, We refuse the latest allegations and look forward to difficult her or him when you look at the legal. Continue reading »