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. 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’s Office for the Southern District of Florida. Prosecutors said Rebollido operated the scheme through two Miami-based companies he founded E-Card Lending LLC and E-Card Merchant LLC which claimed to offer short-term financing to small businesses. 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. In reality, the companies had no legitimate clients, investigators said. Investigators said Rebollido used money from new investors to pay earlier investors and fund his lavish personal lifestyle. More than 70 people were defrauded, suffering losses exceeding $40 million, the DOJ said. Copyright.
https://wsvn.com/news/local/miami-dade/miami-man-sentenced-to-over-19-years-for-40m-ponzi-scheme-disguised-as-lending-business/