U.S. Attorney’s Office – Southern District of Florida
MIAMI – Efrain Betancourt Jr., 36, a dual citizen of Colombia and the United States, has pleaded guilty to operating a multimillion-dollar Ponzi scheme through his Miami-based payday loan company, Sky Group USA, LLC. Betancourt admitted to defrauding more than 600 investors out of approximately $66 million between 2016 and 2020.
According to court records and statements made at his plea hearing, Betancourt was the sole owner and Chief Executive Officer of Sky Group. He marketed promissory notes to investors, falsely claiming the funds would be used to issue small-dollar, short-term consumer loans. In reality, Sky Group’s loan operations generated only about $12.2 million, while the majority of investor funds were used to pay earlier investors—hallmarks of a Ponzi scheme.
Betancourt also misappropriated more than $6.5 million for personal expenses. This included paying for a lavish wedding at a French chateau, as well as luxury vacations with friends and family. Additionally, millions were paid in undisclosed commissions to sales agents, contrary to representations made to investors.
Betancourt’s guilty plea exposes the fraudulent structure of Sky Group, which relied almost entirely on new investor capital to meet its financial obligations, rather than legitimate revenue from loan operations.
His sentencing is scheduled for August 14, 2025, before U.S. District Judge Darrin P. Gayles. Betancourt faces up to 20 years in federal prison.
The announcement was made by U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, Acting Special Agent in Charge Brett D. Skiles of the FBI Miami Field Office, and Russell C. Weigel, III, Commissioner of the Florida Office of Financial Regulation (OFR).
The U.S. Securities and Exchange Commission (SEC) brought a related civil enforcement action against Betancourt, which was resolved in July 2022.
The investigation was led by the FBI’s Miami Field Office, the South Florida Fraud Task Force, and the Florida Office of Financial Regulation. The SEC’s Miami Regional Office also provided significant assistance.
The case is being prosecuted by Assistant U.S. Attorney Roger Cruz, with Assistant U.S. Attorney Gabrielle Raemy Charest-Turken handling asset forfeiture proceedings.
