Several major investment fraud cases have resulted in guilty pleas across the United States. In Miami, Efrain Betancourt Jr., CEO of Sky Group USA, admitted to defrauding more than 600 Venezuelan-American investors out of approximately $66 million through a scheme described by authorities as a Ponzi scheme. Only about $12.2 million was used for payday loans as promised, while Betancourt misappropriated over $6.5 million for personal expenses, including a wedding at Chateau de Chantilly in France, luxury real estate, and travel. Betancourt faces a maximum sentence of 20 years in prison, with sentencing scheduled for August 14, and is expected to pay $8.3 million in forfeiture. The SEC previously filed a civil action against Betancourt and his company. In a separate case, Randy Miller, 70, and Chad Miller, 41, a father and son from Phoenix, Arizona, pleaded guilty to securities fraud and aggravated identity theft for defrauding municipal bond investors in the Legacy Park sports complex in Mesa, Arizona. The Millers forged documents to overstate customer interest and projected revenues in connection with bond offerings that raised over $250 million. Legacy Park opened in 2022, defaulted on its bonds in October 2022, and was sold in bankruptcy for less than $26 million, with less than $2.5 million recovered for the approximately $284 million owed to bondholders. Money judgments of $7,289,134.89 and $4,798,980.19 were entered against Randy and Chad Miller, respectively. Sentencing will take place before Judge Lewis A. Kaplan. The FBI and SEC were involved in the investigation. In another case, Matthew Piercey of Shasta County pleaded guilty to running a $35 million investment fraud scheme and witness tampering. Piercey operated a Ponzi-like scheme through purported investment companies, using investor funds for personal expenses and to pay earlier investors. He faces a maximum statutory penalty of 20 years in prison for each count.