A Florida man accused of operating a number of Ponzi schemes and spending the cash on horses, his church, and buying at Gucci is completely banned from violating sure securities legal guidelines, a federal choose within the state mentioned.
Jose Angel Aman was ordered to pay the Securities and Trade Fee greater than $4.5 million in disgorgement and prejudgment curiosity, however the quantity is “deemed glad” by restitution paid in a parallel felony case, the U.S. District Courtroom for the Southern District of Florida said.
The SEC in Could 2019 accused Aman and two different males of operating three successive Ponzi schemes, together with one involving cryptocurrency. His former lawyer informed Bloomberg Regulation on the time that he supposed to cooperate with the company and was already cooperating with a company monitor appointed to supervise two of the businesses. He didn’t admit to the company’s allegations as a part of the settlement.
Aman would have needed to disgorge $4.2 million in earnings and pay round $325,000 extra in curiosity if not for the $23.8 million felony restitution order, Choose Robin L. Rosenberg’s Tuesday closing judgment mentioned. Aman pleaded responsible in 2020 and was sentenced to seven years in jail in December.
The SEC dropped its request for a civil penalty. Aman agreed to a everlasting injunction as a part of the settlement.
Aman has represented himself since November 2019, in keeping with the docket.
The case is SEC v. Nat. Diamonds Inv. Co., S.D. Fla., No. 9:19-cv-80633, closing judgment 3/23/21.