Four sales representatives have been charged by the U.S. Securities and Exchange Commission for their alleged roles in soliciting millions of dollars from investors for an unprofitable payday loan business.
The charges were levied just days after Miami-based Sky Group USA LLC and its owner Efrain Betancourt Jr. agreed to settle SEC charges filed last September that the company raised more than $66 million selling unregistered promissory notes to at least 505 investors who were promised returns of between 24% and 120%.
Many of the investors targeted by the operation were members of South Florida’s Venezuelan American community, the SEC’s complaint said.
Newly charged in the case were Manuel Alvis of Caracas, Venezuela and three Doral residents: Joseph Boulos, Carlos Pingarron and Carlos Sorondo.
[ RELATED: Venezuelan community targeted in alleged $66 million investment scam ]
The SEC’s complaints against the four, filed July 13 in U.S. District Court in Miami, allege that they collectively sold more than $25 million of unregistered Sky Group promissory notes to at least 346 investors:
- Alvis, 40, raised about $5.3 million from 50 investors and earned about $1.03 million in commissions.
- Boulos, 38, sold at least $3.8 million to about 30 investors and earned $1.1. million in compensation.
- Pingarron, 41, generated more than $3.9 million from about 67 investors and was paid $942,000.
- Sorondo, 38, raised more than $12.5 million from about 199 investors and earned about $2 million…
