Miamian Charged in Loan Scheme Used Funds for Miami Condo

 Miamian Charged in Loan Scheme Used Funds for Miami Condo

Epic Residences & Hotel with parts of the SEC complaint (Epic, United States District Court)

A Miamian accused of running a $66 million payday loan scheme allegedly diverted investors’ funds to bankroll his lavish lifestyle, including the purchase of a $1.5 million downtown condo.

The Securities and Exchange Commission charged Efrain Betancourt Jr. with violations of the securities acts in connection to fraudulently raising money from at least 505 South Florida investors, many of whom are Venezuelan-American. The SEC filed a civil complaint against Betancourt and his payday loan company Sky Group USA on Monday.

The complaint does not specify the condo. But property records show Betancourt and his wife paid $1.5 million for unit 5101 at the 54-story Epic Residences & Hotel in May 2019. The three-bedroom, three-bathroom unit totals 2,457 square feet. Ugo Colombo’s CMC Group in 2008 developed The Epic, at 200 Biscayne…

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