Miami man bilked investors out of $40M in cash-advance Ponzi scheme – NBC 6 South Florida

A Miami man was charged with running an investment Ponzi scheme disguised as a cash advance business, the United States Attorney’s Office announced Thursday.

Pablo Silverio Rebollido, 47, was charged with wire fraud on March 26.

Officials said his business, E-Card Lending, was supposed to be providing MCAs, “a type of short-term financing typically used by small and medium-sized businesses.” He allegedly asked for money from investors in exchange for regular monthly investment returns.

But in reality, prosecutors say Rebollido had no clients, and was using that cash to “pay off earlier investors and finance his extravagant lifestyle.”

It is alleged that over 70 investors invested in E-Card and the scheme resulted in more than $40 million dollars in losses from August 2019 to February 2024.

The FBI’s Miami Division is seeking to identify potential victims of “E Card Merchant LLC” or “E Card Lending LLC.” Anyone who may have been victimized by the business or have information relevant to this investigation should complete the short form located on the FBI’s Seeking Victims webpage.

Rebollido’s initial appearance hearing is scheduled for April 11 at 2 p.m. in Miami. If convicted, he faces up to 20 years in prison.