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December 1, 2016

Posted  January 13, 2017

The SEC announced fraud charges and an asset freeze against Miami Beach-based asset management company Onix Capital LLC and its owner Alberto Chang-Rajii, a Chilean national who fled the U.S. after reports of his fraud began to surface in March 2016.  The SEC alleges that Chang and Onix Capital defrauded investors in Onix promissory notes that “guaranteed” annual returns of 12 to 19 percent and bilked others who were told their funds would be invested in promising start-ups.  According to the SEC’s complaint, Chang and Onix Capital sold more than $5.7 million in Onix promissory notes that they falsely claimed were guaranteed by Chang, and raised more than $1.7 million that Chang promised to invest in companies such as Uber, Snapchat, and Square.  Instead, the SEC alleges that investor funds were diverted to Chang and used to pay other investors.  SEC

Tagged in: Financial and Investment Fraud, Ponzi Schemes,