MIAMI (CN) – U.S. Pension Trust Corp. and U.S. College Trust Corp. were ordered to pay $112 million for “fraudulently siphoning investor money through exorbitant, undisclosed commissions and fees in the sale of mutual funds,” the SEC said. The companies’ three owners – Iliana Maceiras, Leonardo Maceiras Jr., and Nildo Verdeja – were ordered to pay another $3.4 million.
The SEC sued in September 2007, accusing the defendants of defrauding 14,000 investors over 13 years.
“The two companies were ordered to disgorge $62.6 million and pay a $50 million penalty,” the SEC said in announcing the federal judge’s ruling. “Each individual has been ordered to pay a $200,000 penalty in addition to disgorgement of their salaries during that time. Iliana Maceiras must disgorge $1,093,364. Leonardo Maceiras, Jr. must disgorge $674,567. Nildo Verdeja must disgorge $993,515.”