SEC Charges Four Unregistered Advisors For Selling Sky Group Securities

Posted on August 1st, 2022 at 2:22 PM
SEC Charges Four Unregistered Advisors For Selling Sky Group Securities

 

From the Desk of Jim Eccleston at Eccleston Law:

The Securities and Exchange Commission (SEC) has charged four individuals for improperly selling securities of Sky Group, a Miami-based payday loan company. 

The SEC previously charged Sky Group and its CEO with fraudulently generating nearly $66 million via the sale of promissory notes to at least 500 investors, including several members of the South Florida Venezuelan-American community. Manuel Alvis, Joseph Boulos, Carlos Pingarron, and Carlos Sorondo collectively sold $25 million in Sky Group’s unregistered promissory notes to at least 346 retail investors, according to the SEC. 

The SEC alleged that the defendants generated millions of dollars in commissions while they were not registered as broker-dealers. The SEC’s complaint, which was filed in the U.S. District Court for the Southern District of Florida, seeks an injunction, disgorgement with prejudgment interest, and a civil penalty. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, law

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