Venezuelan community directed from inside the so-called $66 mil financial support ripoff
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The newest SEC ailment, filed Friday within the U.S. District Court in Miami, said Air Classification Usa and proprietor Efrain Betancourt, thirty two, sold promissory notes to no less than 505 people who have been assured returns regarding anywhere between twenty four% and you can 120%.
Once the dealers was indeed advised that the organization’s cash advance team is actually effective, in reality the new proceeds Air Group produced from its consumer loan business had been woefully decreased to pay for principal and notice costs in order to buyers, the fresh new ailment says.
As an alternative, Betancourt used money from the brand new dealers to blow promised returns so you’re able to early dealers, a common feature out of a great Ponzi scheme, new SEC said.
The newest grievance alleges that he also spent at least $2.9 million from inside the luxuries to have himself, and for the a chateau relationships when you look at the France and you will getaways so you’re able to Disney Industry together with Caribbean.