Principals of a Florida-based investment firm have agreed to pay $8.6 million to settle an SEC civil suit accusing them of misusing nearly $127 million from investors. The two men, who ran Pension Fund of America and PFA Assurance Group, agreed to forfeit $4.2 million in cash and $4.4 million in assets according to a settlement filed Feb. 5. PFA sold retirement trust plans, but the offering materials allegedly failed to disclose that up to 90 percent of invested funds went to company charges.
February 20, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.com
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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