March 02, 2017
Renato Rodriguez, Gutemberg Dos Santos
SANCTION AMOUNT: $1,720,000
Defendants: Renato Rodriguez, Gutemberg Dos Santos
The SEC alleged that these two defendants were promoters who conducted a pyramid scheme in Southern California. They operated a business called Vizinova through which they allegedly secured investments from at least 100 investors, and proceeded to spend $1.4 million of investor funds for personal expenses. Investors were allegedly told at live presentations that they would earn "points" yielding a certain rate of return, typically $5,000 on an investment of $3,200, but the points were actually irredeemable and worthless.
- Key Docs
- Official SEC press release