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Mastermind of Payday Loan Scheme Receives Lengthy Prison Sentence
MIAMI – Efrain Betancourt, Jr., 36, a dual citizen of Colombia and the United States, has been sentenced to 87 months in prison by U.S. District Judge Darrin P. Gayles for orchestrating a scheme that defrauded more than 600 investors out of over $66 million.
Betancourt was the chief executive officer and sole owner of Sky Group USA, LLC (Sky Group), a purported payday loan business. From January 2016 through March 2020, Betancourt and his co-conspirators sold promissory notes to investors to raise money that would be used to fund Sky Group’s payday loan business.
Instead of using investor funds to support Sky Group’s payday loan business, Betancourt paid millions of dollars in undisclosed commissions to sales agents and funded a luxurious wedding at a chateau in France.
The U.S. Securities and Exchange Commission (SEC) had a parallel proceeding against Betancourt related to the same investment fraud scheme. The SEC’s proceeding was resolved in July 2022.
U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida, Special Agent in Charge Brett D. Skiles of FBI Miami, and Commissioner Russell C. Weigel, III, of the Florida Office of Financial Regulation (OFR) made the announcement.
FBI Miami, the FBI’s South Florida Fraud Task Force, and OFR investigated the case. The SEC’s Miami Regional Office provided invaluable assistance.
Assistant U.S. Attorney Roger Cruz prosecuted the case. Assistant U.S. Attorney Gabrielle Raemy Charest-Turken is handling asset forfeiture.
Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at pacer.flsd.uscourts.gov, under case number 24-cr-20399.
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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