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Three operators of a defunct financial firm with clients in the US, South America and Europe face prison sentences of up to 70 years for their roles in an investment fraud scheme that resulted in losses of $155 million for clients, the Justice Department said on Thursday.A three-count criminal indictment unsealed on Wednesday charges Roberto Ripalda, Fernando Bergson and Ernesto Pazmino "with conspiring to defraud investors and financial institutions as part of an international fraud scheme stretching through the United States, South America, and Europe," the department said in a press release."The defendants are each charged with conspiracy to commit wire fraud, conspiracy to commit bank fraud, and conspiracy to commit money laundering," the release said.Federal agents arrested Weisson in Miami, while Cortes and Haberer were arrested yesterday in Spain and Argentina, respectively, the release added.The defendants and their co-conspirators sold fake proprietary investment products to clients of the firm they founded, Biscayne Capital, and used the money to pay off other clients, the release said.The scheme collapsed in September 2018, and Biscayne Capital went into liquidation, causing more than $155 million in losses to the firm's clients, the release said.Each defendant faces a maximum penalty of 70 years in prison, according to the release. (ANI/Sputnik)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International :US charges 3 operators in $155mln investment fraud: Justice Department

Three operators of a defunct financial firm with clients in the US, South America and Europe face prison sentences of up to 70 years for their roles in an investment fraud scheme that resulted in losses of $155 million for clients, the Justice Depart ...