Feds Have Arrested A Colombian National Arrested For Operating A $66 Million Ponzi Scheme Disguised as a Payday Loan Company
The FBI has busted a Colombian National for operating a $66 million Ponzi scheme disguised as a payday loan company. Law enforcement arrested Efrain Betancourt, Jr. on November 14, 2024 when he arrived at Miami International Airport. Federal Prosecutors immediate charged Betancourt with operating SkyGroup USA, LLC. Skygroup operated a $66 million Ponzi scheme disguised as a payday loan company.
Prosecutors charged Betancourt, Jr. with conspiracy to commit mail and wire fraud on Sept. 12. Federal prosecutors unsealed the indictment in federal court in Miami on November 18, 2024.
The indictment alleges Betancourt offered promissory notes to Sky Group investors with yearly returns ranging from 24% to 120%. Betancourt allegedly told investors their funds would be used to disburse payday loans to Sky Group clients.
Over 600 investors invested in Sky Group, many of whom were Venezuelan.
Interest from payday loans clients would then purportedly be used to repay promissory note investors. However, Betancourt never paid investors the millions of dollars the company received from customers. In other words, it was all one big Ponzi scheme. Betancourt also used over $7.5 million of investor funds for personal use. This included a luxury chateau wedding in France and expensive jewelry. He also bought a Miami condominium and used the funds to pay for family vacations.
Federal sentencing guidelines indicate Betancourt faces a maximum total penalty of 140 years in imprisonment. However, a federal district court judge will determine on any sentence.
The SEC also had a parallel proceeding against Betancourt related to the same scheme. The SEC concluded their proceeding in July 2022.
Markenzy Lapointe of the U.S. Attorney’s Office for the Southern District of Florida headed the investigation. Special Agent in Charge Jeffrey B. Veltri of the FBI, Miami Field Office also worked with the Florida Office of Financial Regulation.
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