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Miami payday lender Sky Group, its CEO charged by US SEC with $66 million affinity fraud targeting Venezuelan-Americans

( September 27, 2021, 17:38 GMT | Official Statement) -- MLex Summary: Miami-based payday lender Sky Group USA and its CEO, Efrain Betancourt, Jr., have been charged by the US Securities and Exchange Commission with 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. Sky Group and Betancourt allegedly told investors that their money would be used solely to make payday loans and cover the costs of such loans, but at least $2.9 million was misappropriated by Betancourt for personal use, including a lavish wedding on the French Riviera, vacations to Disney resorts and the Caribbean, costs related to a luxury Miami condominium, and service on his personal plane.  At least $19.2 million of investor funds were also used to make Ponzi-like payments to other investors, the SEC charged. See statement and document below....

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