Sky Group USA LLC Charged by SEC | Goodman & Nekvasil P.A. May Recover Investor Losses
The Securities and Exchange Commission today announced charges against Sky Group USA LLC, a payday loan company based in Miami, and its CEO, Efrain Betancourt, Jr., for fraudulently raising at least $66 million through the sale of promissory notes to more than 500 retail investors, including members of the South Florida Venezuelan-American community.
According to the SEC’s complaint, filed in the United States District Court for the Southern District of Florida, Sky Group and Betancourt falsely told investors that Sky Group would use investors’ money solely to make payday loans and cover the costs of such loans, when, in reality, Betancourt misappropriated at least $2.9 million for personal use – including for his lavish wedding at a chateau on the French Riviera, vacations to Disney resorts and the Caribbean, costs associated with the purchase of a luxury Miami condominium, and service on his personal Piper airplane – and transferred at least another $3.6 million to friends and family, including his ex-wife, Angelica Betancourt, and to EEB Capital Group LLC, an entity whose bank accounts Betancourt and his current wife control. Sky Group and Betancourt also allegedly used at least $19.2 million of investors’ money to make Ponzi-like payments to other investors. Finally, the SEC’s complaint alleges that Sky Group and Betancourt misled investors by promising annual returns as high as 120% and representing that Sky Group’s business was profitable, even though Sky Group did not generate sufficient revenue to cover principal and interest payments due to investors.
Investors in Sky Group USA LLC May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in Sky Group USA LLC, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a St. Petersburg, FL law firm with a national practice representing victimized investors, has recovered more than $200 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses in Sky Group USA LLC and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.