Final Might Pedro Fort and his Fort Advert Pays Ponzi scheme entered default.
Now the SEC has moved for $31.5 million in reduction in opposition to three Fort Advert Pays defendants.
Damaged down, the SEC’s movement for financial reduction is
- $23,300,000 in disgorgement in opposition to Fort Advertising and marketing Group;
- $7,025,000 in disgorgement in opposition to Pedro Fort Berbel;
- $1,250,000 in disgorgement in opposition to Sibades LLC; and
- a $7,025,000 civil penalty in opposition to Fort
The SEC alleges the $7,025,000 civil penalty in opposition to Fort (proper) is the same as what he stole from Fort Advert Pays victims.
Pre-judgment curiosity has additionally been sought (particular quantities but to be decided).
Fort Advert Pays was an adcredit Ponzi scheme launched in 2015.
In Might 2016 the Ponzi scheme collapsed. The SEC alleges Fort Advert Pays took in round $38 million from traders.
Roughly $14.7 million was paid out in returns, with Fort pocketing the remainder.
Replace twentieth March 2019 – As per a March nineteenth order, Pedro Fort has acquired a $14.9 million greenback judgment.