Efrain Betancourt Jr., a 36-year-old Venezuelan businessman, has been charged with operating a Ponzi scheme that defrauded over 600 investors, mostly from the Venezuelan-American community, out of $39 million.
The indictment alleges Betancourt used investor funds for personal expenses, including a luxury condo, a private plane, an extravagant wedding in France and a luxury high-rise condo on Biscayne Boulevard.
