Pedro Fort receives $14.9 mill Fort Ad Pays Ponzi judgment
Pedro Fort has been issued a $14.9 million judgment in the SEC’s Fort Ad Pays Ponzi case against him.
The March 19th judgment follows the SEC moving for $38.6 million in relief against the Fort Ad Pays defendants a few weeks back.
As per the judgment;
- Pedro Fort Berbel has been held liable for $7.97 million in disgorgement and prejudgment interest and issued a $7.02 million civil penalty, of which relief defendant Sibades LLC is jointly liable for $1.4 million
- Fort Ad Pays has been held liable for $26.4 million in disgorgement and prejudgment interest, of which Fort is jointly liable for $7.97 million
The joint liability overlap is due to Pedro Fort, Fort Ad Pays and Sibades LLC effectively being the same defendant.
The total amount payable, including interest, comes to $34.4 million.
Fort launched his Fort Ad Pays Ponzi scheme on or around 2015, following on from previously launched scams in or around 2013.
Fort Ad Pays collapsed in 2016. The SEC filed suit against Fort in 2017, alleging Fort Ad Pays was a $38 million dollar Ponzi scheme.
The three Fort Ad Pays defendants have fourteen days to pay up.