Pedro Fort defaults in SEC’s Fort Ad Pays fraud case
Following a failed bid to have tax-payers fund his defense, an entry of default has been recorded against Pedro Fort and Fort Ad Pays.
Last November the SEC sued Fort for running the Fort Ad Pays.
Fort Ad Pays was a Ponzi scheme launched in 2015. By mid 2016 the scheme had collapsed.
Through Fort Ad Pays, the SEC allege Pedro Fort scammed investors out of $38 million dollars.
In an April 25th order directing the court clerk to enter default against Pedro Fort (right) and Fort Ad Pays, Judge Moreno observed;
The court granted (Fort’s) motions for extensions of time to respond to the (SEC’s) Complaint, ultimately ordering (Fort) to file an answer to the Complaint no later than April 13, 2018.
It appears that Defendants Pedro Fort Berbel, Fort Marketing Group LLC and Sibades LLC have failed to answer Complaint in accordance with this Court’s Order.
Therefore it is adjudged that the Clerk shall file an Entry of Default against Defendants Pedro Fort Berbel, Fort Marketing Group LLC and Sibades LLC.
The court clerk made an entry of default on April 26th.
This development means the SEC can now file an Motion for Entry of Default, after which they can pursue funds Fort stole from investors.
As at the time of publication the SEC have yet to file anything further.
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