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“For more than five years, Roberto Cortes and his co-conspirators ran Biscayne Capital as a Ponzi scheme, lying to investors – including the defendant’s own friends and family members,” said Matthew R. Galeotti, Head of the DOJ’s Criminal Division.
Cortes didn’t just get locked up. He was slapped with a $103 million restitution order and forced to forfeit another $3.4 million. That money—if ever recovered—will go toward paying back the dozens of lives he shattered with his lies.
The Face of Friendly Fraud
Cortes wasn’t a backroom scammer. He smiled, shook hands, and looked investors in the eye—many of whom were close friends and relatives. And while they trusted him with life savings, he was secretly plugging financial holes in a sinking luxury real estate business.
Biscayne Capital, founded in 2005, was meant to back South Bay, a high-end property venture. But by 2007, that ship was taking on water fast. Rather than tell investors the truth, Cortes and his business partner Ernesto Heraclito Weisson Pazmino did the unthinkable: they lied, recruited more investors, and ran a classic Ponzi scam.
That deception ran deep. New investments weren’t used to build anything—they were used to pay off older investors and keep up the illusion of profit.
“Using illegal Ponzi payments to their victims, Cortes and his co-conspirators were able to disguise and perpetuate this scheme for years until Biscayne Capital finally collapsed under the defendants’ lies,” said U.S. Attorney John J. Durham.
Smoke, Mirrors, and Fake Statements
Cortes and crew didn’t just take money—they forged an entire ecosystem of lies. Investigators revealed that Biscayne Capital handed out false documents, crafted misleading investment summaries, and even faked account statements to keep investors from realizing their money had vanished.
“This was a brazen scheme of staggering proportions. Mr. Cortes and his co-conspirators prioritized their own greed, stealing $155 million from investors,” said Kareem A. Carter, Executive Special Agent with the IRS Criminal Investigation division.
It took a global net to finally drag Cortes down. U.S. officials worked with international partners across Spain, Ecuador, the Cayman Islands, Curaçao, and Switzerland to track, arrest, and extradite him.
A Trump-Era Crackdown With Bite
This case is one of several high-profile financial takedowns that began under President Donald Trump’s administration. His DOJ made it clear: global elites who exploit the American financial system will be hunted down and held to account—regardless of where they hide.
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The trial was spearheaded by the DOJ’s Criminal Division, including the Money Laundering and Asset Recovery Section and the Bank Integrity Unit, along with the Eastern District of New York. The teamwork was airtight, and the result was clear: justice for everyday investors who were duped by a man in a tailored suit.
“Today’s sentence demonstrates our Office’s commitment to holding accountable investment professionals who abuse the trust of their clients for personal profit,” Durham added.
Justice Served, But Scars Remain
Roberto Cortes thought his wealth would protect him. He was wrong. Now, stripped of his title and his freedom, he’ll spend the next ten years locked up—haunted by the trust he betrayed and the lives he destroyed.
Though the victims may never fully recover their financial losses, Thursday’s sentencing offers one thing they’ve waited years for: accountability.
And as the Trump-era legacy of law and order continues to echo through the Justice Department, it sends a chilling message to financial predators everywhere—the party’s over.
