Two Venezuelan citizens living in Florida, Ricardo Javier Guerra Farias from Doral and Francisco Javier Malave Hernandez from Weston, were implicated in a $3.2 million fraud scheme targeting a group of investors, primarily Venezuelan-Americans. The Securities and Exchange Commission (SEC) accused the duo of orchestrating Ponzi-like payments through their entities, Toller Stern Financial and Toller Asset, noting that both Guerra and Malave have consented to financial penalties without admitting or denying the charges.
The alleged scheme promised investors annual returns of up to 72%, with investments purportedly allocated to cryptocurrencies, real estate, and equities, according to the Miami Herald. A Miami federal court, presided over by U.S. District Judge Jacqueline Becerra, recently issued a final judgment against the duo. Guerra is set to pay a total of $376,375, which includes his net profits of $147,152, $29,223 in interest, and a civil penalty of $200,000. Malave faces a more significant financial burden, totaling $916,987, which encompasses $558,900 in net profits, $158,087 in interest, and the same $200,000 civil penalty.
