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

Return to Archive

TESTIMONIALS

Previous
Next

I cannot thank you enough for your efforts. You have proven to be a valuable resource

Jim T.

LATEST NEWS AND ARTICLES

September 26, 2023
Looming Real Estate Crisis Poses Risk to U.S. Banking Sector

With the current downturn in the commercial real estate market, trillions of dollars in loans and investments pose a looming threat to both the banking industry and potentially the broader economy.

September 25, 2023
Legal Challenges Over 'Money-for-Nothing' Payments Gain Momentum

Apollo Global Management and Carlyle Group, two major private equity firms, now face investor lawsuits regarding payments made to insiders without apparent justification.

September 22, 2023
State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.