A Miami business owner who pleaded guilty to wire fraud after being involved in a Ponzi scheme was sentenced to nearly 20 years in prison.
Pablo Silverio Rebollido, 48, was sentenced to 230 months in federal prison on Oct. 2 and must also pay more than $16 million in restitution.
Court documents said Rebollido owns and founded two Miami-based companies, with one of them, E-Card Merchant LLC, providing small and medium-sized businesses with short-term financing.
Clients with E-Card, according to the claims made by Rebollido’s business, would get loans in the form of lump-sum cash advances if they gave the business a percentage of future credit card sales or daily bank deposits.
Prosecutors said Rebollido, from August 2019 to February 2024, would fraudulently solicit money from investors under false pretenses that their money would be used for his business’ short-term financing.
He would also promise investors they would get regular monthly returns based on the company’s profits.
Prosecutors said that Rebollido lied to investors, and that E-Card had no clients, and he used the money he was given to pay earlier investors and finance his lavish personal lifestyle.
During the course of the scheme, Rebollido defrauded more than 70 investors, with losses going over $40 million.
“This defendant built his fortune on lies while leaving investors in ruin,” said U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida. “We will continue to protect investors, safeguard our markets, and ensure that criminals who commit financial crimes face justice.”
