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Miami-Based Onix Capital and Owner Defrauded Investors - SEC
The SEC charged Miami Beach-based asset management company Onix Capital and its owner Alberto Chang-Rajii, a Chilean national who fled the U.S. earlier this year, with defrauding investors out of more than $4 million. The SEC also froze the remaining assets held by the asset management company.
Among the SEC’s charges:
- They falsely depicted Chang as an award-winning multi-millionaire “angel” investor with an MBA from Stanford.
- They sold over $5.7Mn in Onyx promissory notes that were to pay “guaranteed” annual returns of 12% to 19%;
- They claimed that Chang personally guaranteed the promissory note.
- They raised over $1.7Mn that Chang promised to invest in promising start-ups like Uber, Snapchat and Square.
- Funds were diverted to Chang and used to pay other investors.
According to the SEC, the scheme began to unravel in March when reports published in the U.S. and Chile exposed the misrepresentations by Chang and Onix Capital. Chang fled to Malta and transferred approximately $4 million, including Onix Capital investor funds, to banks in Malta, the United Kingdom, Switzerland, and Australia.
