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Wednesday, July 17, 2024 | Back issues
Courthouse News Service Courthouse News Service

SEC Wins $112 Million Judgment

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."

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