Miami Man Bilked Investors Out of $40M in Cash-Advance Ponzi Scheme: Prosecutors

Federal administration have charged Pablo Silverio Rebollido of Miami with wire fraud alleging he orchestrated a Ponzi scheme through his business E-Card Lending The scheme reportedly defrauded over investors of more than million between August and February Rebollido purportedly solicited funds by promising regular monthly returns claiming the investments would finance Merchant Cash Advances MCAs for small and medium-sized businesses However prosecutors assert that E-Card Lending had no legitimate clients and that Rebollido used new investors funds to pay earlier investors and patronage his lavish lifestyle Source NBC South Florida FBI Seeks Additional Casualties The FBI s Miami Division is actively seeking to identify probable casualties of E-Card Merchant LLC or E-Card Lending LLC Individuals who believe they were defrauded or possess relevant information are encouraged to complete a questionnaire on the FBI s Seeking Casualties webpage This initiative aims to gather comprehensive details to aid the ongoing inspection and ensure all affected parties are identified Legal Proceedings and Possible Penalties Rebollido s initial court appearance is scheduled for April at p m in Miami If convicted of wire fraud he faces a maximum sentence of up to years in prison The incident underscores the severe legal consequences associated with financial fraud and the commitment of law enforcement agencies to prosecute such offenses Broader Context of Resources Fraud This incident is part of a broader pattern of resources fraud schemes that have targeted investors nationwide For instance in September three operators of a financial services firm were charged in an alleged million stake fraud scheme Similarly in March the SEC charged individuals in connection with a million Ponzi scheme that targeted Latino communities by falsely claiming to invest in cryptocurrency assets These cases highlight the importance of investor vigilance and the need for thorough due diligence before committing funds to funding opportunities