Biscayne Capital Owners Indicted, Accused of Operating $155 Million Investment Fraud

Biscayne Capital principals Roberto Gustavo Cortes Ripalda, Fernando Haberer Bergson and Ernesto Heraclito Weisson Pazmino are charged with conspiracy to commit wire fraud, bank fraud and money laundering.

[ RELATED: Raymond James & Associates, Inc., Sued for Biscayne Capital-Related Losses ]

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Three former operators of financial services firm Biscayne Capital were indicted by the U.S. Attorney Office for the Eastern District of New York. The indictment charged Roberto Gustavo Cortes Ripalda (“Cortes”), Fernando Haberer Bergson (“Haberer”) and Ernesto Heraclito Weisson Pazmino (“Weisson”) with conspiracy to commit wire fraud, bank fraud, and money laundering. The indictment alleges that the international fraud scheme caused more than $155 million in investor losses.

“As alleged, the defendants orchestrated a complex and fraudulent scheme to repeatedly mislead investors about the nature and performance of their investments. The defendants enriched themselves with millions of dollars in investor funds while making misrepresentations that caused more than $155 million in investor losses,” said Jacquelyn M. Kasulis, Acting United States Attorney for the Eastern District of New York.

The indictment alleges that between 2013 and 2018, Cortes, Haberer and Weisson orchestrated a scheme to defraud Biscayne Capital clients and financial institutions through a series of material misrepresentations and omissions about how the firm was using the client funds. The funds were instead used to pay earlier investors in a Ponzi-like manner, to cover the expenses of Biscayne Capital, and pay the accused millions of dollars each.

The Sonn Law Group is currently investigating allegations surrounding Biscayne Capital. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.