MIAMI (WSVN) – A Miami man was sentenced to more than 19 years in federal prison for running a multimillion-dollar Ponzi scheme that posed as a merchant cash advance business, federal prosecutors said.<\/p>\n
Pablo Silverio Rebollido, 48, was sentenced Oct. 2 to 230 months in prison and ordered to pay more than $16 million in restitution after pleading guilty to wire fraud, according to the U.S. Attorney\u2019s Office for the Southern District of Florida.<\/p>\n
Prosecutors said Rebollido operated the scheme through two Miami-based companies he founded \u2014 E-Card Lending LLC and E-Card Merchant LLC \u2014 which claimed to offer short-term financing to small businesses.<\/p>\n
From August 2019 through February 2024, Rebollido solicited investor funds by falsely claiming their money would support high-interest merchant cash advances, promising steady monthly returns, prosecutors said.<\/p>\n
In reality, the companies had no legitimate clients, investigators said. <\/p>\n
Investigators said Rebollido used money from new investors to pay earlier investors and fund his lavish personal lifestyle. <\/p>\n
More than 70 people were defrauded, suffering losses exceeding $40 million, the DOJ said.<\/p>\n
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