By Nathan Hale (February 3, 2022, 8:27 PM EST) – A Miami payday loan company and its CEO can’t escape US Securities and Exchange Commission claims they fraudulently raised $66 million from more than 500 investors, as a federal judge rejected their argument that she doesn’t have the power to hear the case because the tickets they sold weren’t securities.
In their motion to dismiss, defendants Sky Group USA LLC and CEO Efrain Betancourt Jr. — who the SEC says misappropriated funds to finance a lavish lifestyle and perpetuate a Ponzi scheme — argued that the tickets to order they issued have a “family resemblance” to financial instruments the US Supreme…
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