Final Judgment Rendered in Alleged Embezzlement Lawsuit


On September 19, the U.S. District Court for the District of South Florida granted final judgment against a person to resolve SEC allegations regarding his involvement in a company that allegedly fraudulently misappropriated investors’ funds. As previously covered by InfoBytesthe SEC complaint claimed that the individual was employed by the company and was the wife of a CEO who falsely represented to numerous Venezuelan-American investors that the company would use their funds to fund payday loans through the offering and the sale of “safe and guaranteed or guaranteed”. promissory notes. The complaint noted that the defendant “received at least $1.2 million from [the company’s] investors’ funds for no apparent legitimate business purpose,” in violation of federal securities laws or any regulations or orders issued under such laws, as set forth in the Bankruptcy Code. According to the order, the defendant must pay $994,000 in restitution and $83,000 in interest.

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