The principals of a Coral Gables, Fla.-based firm have agreed to pay $8.6 million to settle a lawsuit accusing them of misusing nearly $127 million from investors.
Luis M. Cornide and Robert De La Riva, who ran Pension Fund of America and PFA Assurance Group from 1999 to 2005, agreed to forfeit $4.2 million in cash and $4.4 million in assets to PFA’s court-appointed receiver, according to a settlement agreement filed Feb. 5 in Miami federal court.
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