Pablo Silverio Rebollido ran a fraudulent lending enterprise, E-Card Merchant LLC, from a strip mall in West Miami-Dade, deceiving over 70 investors out of approximately $50 million. Authorities allege he misrepresented his business model by claiming to finance cash advances for retailers, while in reality, there were no borrowers. Instead, Rebollido used the capital from new investors to reimburse older ones, typical of a Ponzi scheme. As a result, he spent investors' money on luxury items, leaving them with $40 million in losses. He faces a wire-fraud charge and is expected to cooperate with prosecutors for a plea deal.
Rebollido's E-Card Merchant LLC, based in a drab strip mall, deceived over 70 investors by misusing funds in a Ponzi scheme, resulting in $40 million losses.
Federal prosecutors allege that Rebollido promised investors returns based on nonexistent retailer credit sales, ultimately funding a lavish lifestyle including a power boat and real estate.
Authorities revealed that Rebollido's lending operation, which was supposed to finance cash advances, was a façade, with no actual borrowers involved in the scheme.
With his trial set for April 11, Rebollido faces a wire-fraud charge and the potential for up to 20 years in prison, though a plea deal may be awaited.
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