Wednesday, October 4, 2023
Courthouse News Service
Wednesday, October 4, 2023 | Back issues
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SEC Says It’s Busted $30M Ponzi Scam

MIAMI (CN) - Miami resident Andres Pimstein ran a $30 million Ponzi scheme through his companies, The Bottom Line of South Florida and Summit Trading, the SEC claims in Federal Court.

Pimstein and his cohorts took more than $30 million from at least 80 victims from 2005 through April this year, when the Ponzi scheme collapsed, the SEC says.

Pimstein told his alleged victims that he used their money to buy iPods and resold them to a Chilean department store chain, claiming he was related to its CEO. But Pimstein told police he never bought any electronics and never sold any to the Chilean stores, the SEC says.

Pimstein, 48, is a Chilean citizen.

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