Latest news with #Betancourt
Yahoo
9 hours ago
- Business
- Yahoo
Cartel associate pleads guilty to drug conspiracy to bring cocaine, heroin to WMass, Vt.
BOSTON — A Massachusetts-based member of the Tijuana-based Sinaloa cartel pleaded guilty Thursday to his role in a cocaine and money laundering conspiracy that ferried narcotics to the Bay State from Mexico, passing money through a co-conspirator's car dealership in Enfield, Connecticut. Eber Alain Estrada Palafox, 39, known as 'Doctor,' of Mexico, pleaded guilty to conspiracy to distribute cocaine, conspiracy to distribute heroin and conspiracy to commit money laundering. Over a two-year span, Palafox conspired with a ring of Massachusetts-based traffickers to transport cocaine and heroin from Mexico through California to Massachusetts and New England, the U.S. Department of Justice announced Thursday. The drugs were taken to Westfield, where they were prepped for distribution, the DOJ said. At least one kilo of heroin from Mexico turned out to be pure fentanyl. Palafox also admitted to conspiring with the owner of State Line Auto Sales in Enfield — Miguel Betancourt, 57, of Springfield — to launder drug proceeds by wiring money to his mother in Mexico. Betancourt was sentenced to 42 months in federal prison in February 2022 for conspiracy to distribute cocaine and possession with the intent to distribute and conspiracy to commit money laundering. In Palafox's case, he faces up to 30 years in prison, supervised release and millions of fines on the combined guilty findings. He also will be subject to deportation. The case kicked off in July 2015, when the federal government learned that Betancourt and co-conspirators were intent of bringing Mexican narcotics north for distribution in Western Massachusetts and Vermont. He laundered money by both giving away vehicles as payment for the drugs and for wiring drug proceeds through the car business to Mexico. State Line Auto Sales is listed as dissolved/forfeited on the Connecticut secretary of state's website. U.S. District Court Judge Allison D. Burroughs set Palafox's sentencing on Sept. 4. Read the original article on MassLive.
Miami Herald
27-05-2025
- Business
- Miami Herald
Miami man pleads guilty to stealing millions from Venezuelans for wedding at French chateau
A Miami businessman who stole millions of dollars from hundreds of investors — spending some of the money on a luxurious wedding at a chateau in France — faces about eight years in prison at his sentencing in August after pleading guilty to a wire-fraud conspiracy. Efrain Betancourt Jr., a dual citizen of the United States and Colombia, obtained about $66 million from more than 600 Venezuelan-American investors in the Miami area that he churned through his payday loan company, Sky Group USA, over a five-year period, according to a plea agreement filed last week. Of that total, his company made about $12.2 million in consumer loans, but he and other employees spent the rest of the investors' money on operating costs, sales agent commissions and personal expenses, according to a factual statement filed with the plea agreement. Betancourt, 36, who was born in Venezuela and grew up in the Miami area, pocketed more than $6.5 million that he spent on his French Riviera wedding as well Caribbean vacations, expensive jewelry, a private plane and a luxury high-rise condo on Biscayne Boulevard, the statement said. Betancourt, the former Sky Group CEO, will likely be ordered by U.S. District Judge Darrin Gayles to pay a forfeiture of $8.3 million as part of his sentencing, a higher loss figure that includes additional credit card expenses, according to federal prosecutor Roger Cruz. He plans to dismiss six wire fraud counts in Betancourt's indictment at his sentencing. Betancourt has been in federal custody since his arrest last November by FBI agents at Miami International Airport, after Cruz argued he was a flight risk to Latin America or the United Arab Emirates. Betancourt, represented by defense attorney Sam Rabin, cut his plea deal in Miami federal court last Wednesday — about three years after he and his company reached a civil settlement with the Securities and Exchange Commission. SEC lawyers accused him of using his payday loan business to swindle investors, and a federal judge ordered him and his company to pay back more than $39 million. 'Ponzi scheme' But since the settlement agreement that he and Sky Group struck with the SEC, Bentacourt's investors have received nothing for their losses, according to authorities. Both the SEC and federal prosecutors accused Betancourt of operating a 'Ponzi scheme' that began in 2016 by selling promissory notes to investors with promises of double- and triple-digit annual returns. Some investors were paid back in part, but most were not, leaving a huge debt after Sky Group imploded during the COVID-19 pandemic in 2020. Betancourt's scheme collapsed when countless borrowers defaulted on their payday loans during the pandemic. His company, Sky Group, incurred a severe cash-flow problem and was unable to make interest payments on investors' promissory notes. 'Never paid a dime' A Miami lawyer representing three investors who won civil arbitration cases against Betancourt said he brought the investment scheme to the SEC's attention five years ago. 'He never paid a dime to resolve the claims,' attorney Richard Diaz told the Miami Herald. 'My clients and I are looking forward to personally attending his sentencing to express to the judge the gravity of his greed and fraud, which economically devastated, not just hurt, many families.' Cruz, the prosecutor, wrote in court papers that 'millions of dollars in fraudulent proceeds directly obtained by this defendant have disappeared, were funneled by him to his wife and other family members, and have otherwise been transferred oversees.' Buys luxury condo at Epic: feds According to the SEC, Betancourt misappropriated investors' money for his personal use, including costs associated with buying a $1.5 million condominium at Epic Residences on Biscayne Boulevard and for service on his personal Piper airplane. Betancourt was also accused of transferring at least another $3.6 million to friends and family, including his ex-wife, Angelica Betancourt, and to EEB Capital Group LLC for 'no apparent legitimate business purpose,' SEC officials said. That company's bank accounts were controlled by Efrain Betancourt and his current wife, Leidy Badillo. In a SEC settlement in 2022, EEB Capital agreed to pay $2.2 million toward the judgment against Sky Group and Efrain Betancourt. Angelica Betancourt argued that she only earned an annual salary of $60,000 from the payday loan company, according to court records. But in 2022, she also agreed to pay about $1.1 million toward the judgment against Sky Group and her ex-husband..
Newsweek
19-05-2025
- General
- Newsweek
Couple Go to Shelter Looking for a Chihuahua—Realize 'Dog Picks the Family'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A family who came to an animal rescue in search of a Chihuahua had a change of heart thanks to the efforts of a precocious shelter puppy named Fang. Shelter dogs have a small window of time in which to make an impression on a visitor. One 2014 study published in Applied Animal Behavior Science estimated that shelter visitors interacted with just one pet per visit and that these interactions lasted an average of just eight minutes. Fang was different though. When his future family came to the Laurie P. Andrews Adoption Center in Edinburg, Texas, it took a matter of seconds for the pup to catch their attention. "Fang came in as a stray with his mama and eight siblings" Aileen Betancourt, an adoption specialist at the nonprofit shelter, told Newsweek. "Fang's mom gave birth outside the shelter, and Animal Control picked up the whole litter when he was just days old. He grew up here until his forever family walked in." There was something special about Fang's adoption though. His family had come with the intention of taking home an entirely different breed of dog. "They initially came in looking to adopt a small-breed Chihuahua and didn't even realize we were an adoption center," Betancourt said. In truth, finding a Chihuahua at the adoption center was a long shot. "Since most of our dogs are strays, small breeds are rare here," Betancourt added. Some visitors might have simply gone home at that point. However, Fang had other ideas. "The moment they saw Fang in his kennel, they felt something special," Betancourt said. "After taking him out for an interaction, they knew he was the one." It was a reminder to Betancourt of something she has seen time-and-time again—"sometimes the dog picks the family." Fang and his siblings were rescued as puppies. Fang and his siblings were rescued as puppies. TikTok/lifesavingpixie Betancourt chronicled this old adage and Fang's heartwarming journey in a video posted to her TikTok account @lifesavingpixie. She hopes it will inspire others to take a chance on dogs like Fang if they feel a connection. "I believe many adoptions happen just like that," she said. "More often than not, it's the dog that chooses the the ones who get adopted." Though it's still early days, Betancourt is pleased to report that Fang is settling in well with his new family and has already undergone one major change since his shelter days. "Now that he's found his forever home, his new family renamed him Bruno, and it suits him perfectly," she said. "He's still just a big baby, only about 4 and a half months old." The pup's story is a happy one and a reminder of the kind of unexpected joy that can be found simply by visiting your local animal shelter. As Betancourt says: "Sometimes people come in just to visit or look around, and they end up leaving with a furry friend they didn't expect to fall in love with."
The Star
21-04-2025
- Politics
- The Star
Brother of Venezuelan migrant on the brink of US deportation pleas for help
CARACAS (Reuters) - The fate of Yonathan Betancourt, a 28-year-old Venezuelan detained in the United States, remains uncertain after his reported transfer to El Salvador was suspended, a relative said. Betancourt's brother, Juan, said Yonathan was taken to an airport on April 18 but returned the next morning to the Bluebonnet Detention Center in Texas. "They tried to force him to sign papers. He thought he was being sent to Venezuela, but it was El Salvador," Juan told Reuters. On Saturday, the U.S. Supreme Court temporarily blocked the Trump administration from deporting another group of Venezuelan migrants accused of gang ties under a rarely used wartime law, issuing a stay after the American Civil Liberties Union asked the court to intervene on an emergency basis. Betancourt, a barber, entered the United States legally about 18 months ago and holds Temporary Protected Status until 2028, his brother said. He added that Yonathan was detained due to his tattoos but has no criminal record or ties to the Tren de Aragua gang targeted for deportation by the administration of U.S. President Donald Trump. On Sunday, Salvadoran President Nayib Bukele proposed a prisoner exchange to Venezuelan President Nicolas Maduro involving 252 deported Venezuelans. In a video from detention, Betancourt said, "We are desperate. We have faith in God that we are going to Venezuela," urging support from Maduro. (Reporting by Efrain Otero; Editing by Bill Berkrot)
Reuters
21-04-2025
- Politics
- Reuters
Brother of Venezuelan migrant on the brink of US deportation pleas for help
CARACAS, April 21 (Reuters) - The fate of Yonathan Betancourt, a 28-year-old Venezuelan detained in the United States, remains uncertain after his reported transfer to El Salvador was suspended, a relative said. Betancourt's brother, Juan, said Yonathan was taken to an airport on April 18 but returned the next morning to the Bluebonnet Detention Center in Texas. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. "They tried to force him to sign papers. He thought he was being sent to Venezuela, but it was El Salvador," Juan told Reuters. On Saturday, the U.S. Supreme Court temporarily blocked the Trump administration from deporting another group of Venezuelan migrants accused of gang ties under a rarely used wartime law, issuing a stay after the American Civil Liberties Union asked the court to intervene on an emergency basis. Betancourt, a barber, entered the United States legally about 18 months ago and holds Temporary Protected Status until 2028, his brother said. He added that Yonathan was detained due to his tattoos but has no criminal record or ties to the Tren de Aragua gang targeted for deportation by the administration of U.S. President Donald Trump. On Sunday, Salvadoran President Nayib Bukele proposed a prisoner exchange to Venezuelan President Nicolas Maduro involving 252 deported Venezuelans. In a video from detention, Betancourt said, "We are desperate. We have faith in God that we are going to Venezuela," urging support from Maduro.
