A Miami businessman who stole millions of dollars from hundreds of investors faces a maximum of 20 years in prison after pleading guilty to a wire fraud conspiracy.Efrain Betancourt Jr., 36, a dual citizen of the United States and Colombia, admitted in a plea agreement filed last week that he defrauded more than 600 Venezuelan-American investors in the Miami area out of approximately $66 million through his payday loan company, Sky Group USA.Between 2016 and 2020, Betancourt solicited money from investors, promising high returns from short-term, high-interest loans to consumers, but, in reality, only about $12.2 million was used for those loans.
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