SEC moves for $38.6 million in relief against Fort Ad Pays defendants
Last May Pedro Fort and his Fort Ad Pays Ponzi scheme entered default.
Now the SEC has moved for $31.5 million in relief against three Fort Ad Pays defendants.
Broken down, the SEC’s motion for monetary relief is
- $23,300,000 in disgorgement against Fort Marketing Group;
- $7,025,000 in disgorgement against Pedro Fort Berbel;
- $1,250,000 in disgorgement against Sibades LLC; and
- a $7,025,000 civil penalty against Fort
The SEC alleges the $7,025,000 civil penalty against Fort (right) is equal to what he stole from Fort Ad Pays victims.
Pre-judgment interest has also been sought (specific amounts yet to be determined).
Fort Ad Pays was an adcredit Ponzi scheme launched in 2015.
In May 2016 the Ponzi scheme collapsed. The SEC alleges Fort Ad Pays took in around $38 million from investors.
Approximately $14.7 million was paid out in returns, with Fort pocketing the rest.
Update 20th March 2019 – As per a March 19th order, Pedro Fort has received a $14.9 million dollar judgment.
Hi,
can someone tell me how the investors can tale their money from the Pedro’s bank ?
You can’t.
There hasn’t been a Receiver set up in this case so I’m not sure how (or even if) investors will get any recovery. Probably best to contact the SEC.
Where is pedro fort? Still in hiding? Under his miami mansion?
A colleague introduced me to this website I was very sceptical but trusted him.
I put 300 euros in it not much you will think but considering my father has parkinson and mother has cancer at age 23 I need every euro because I’m poor. And this evil person is allowed to scam people, who hoped for a better future for their families.
If I had his adres I would fly to this smug face and ask my money back and the costs for my flights.