March 02, 2017

Renato Rodriguez, Gutemberg Dos Santos

Offering Fraud


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.

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