A Florida man accused of running several Ponzi schemes and spending the money on horses, his church, and shopping at Gucci is permanently banned from violating certain securities laws, a federal judge in the state said.
Jose Angel Aman was ordered to pay the Securities and Exchange Commission more than $4.5 million in disgorgement and prejudgment interest, but the amount is “deemed satisfied” by restitution paid in a parallel criminal case, the U.S. District Court for the Southern District of Florida said.
The SEC in May 2019 accused Aman and two other men of running three successive Ponzi schemes, including one involving cryptocurrency. His former attorney told Bloomberg Law at the time that he intended to cooperate with the agency and was already cooperating with a corporate monitor appointed to oversee two of the companies. He didn’t admit to the agency’s allegations as part of the settlement.
Aman would have had to disgorge $4.2 million in profits and pay around $325,000 more in interest if not for the $23.8 million criminal restitution order, Judge Robin L. Rosenberg’s Tuesday final judgment said. Aman pleaded guilty in 2020 and was sentenced to seven years in prison in December.
The SEC dropped its request for a civil penalty. Aman agreed to a permanent injunction as part of the settlement.
Aman has represented himself since November 2019, according to the docket.
The case is SEC v. Nat. Diamonds Inv. Co., S.D. Fla., No. 9:19-cv-80633, final judgment 3/23/21.