A Ponzi scheme operator faces a $38.6 million reckoning after defaulting on federal fraud charges last May.

The SEC is pursuing $31.5 million in relief against three defendants connected to Fort Ad Pays, a digital advertising scheme that promised investors steady returns before collapsing in May 2016. The agency wants $23.3 million in disgorgement from Fort Marketing Group, $7.025 million from Pedro Fort Berbel, and $1.25 million from Sibades LLC. Fort Berbel faces an additional $7.025 million civil penalty—an amount the SEC says equals what he personally stole from victims.

Fort Ad Pays launched in 2015, drawing roughly $38 million from investors who believed they were funding advertising credits. The scheme paid out only $14.7 million in returns. Fort kept the rest.

The SEC is also seeking pre-judgment interest, with amounts to be determined.

On March 19, a federal order awarded Pedro Fort a $14.9 million judgment, marking another step in the enforcement action.

🤖 Quick Answer

What is the Fort Ad Pays scheme and how much money did it defraud from investors?
Fort Ad Pays was a digital advertising scheme launched in 2015 that promised investors steady returns through advertising credits. The fraudulent operation collected approximately $38 million from investors but distributed only $14.7 million in returns, retaining the remaining funds in what the SEC characterized as a Ponzi scheme that collapsed in May 2016.

How much relief is the SEC seeking against Fort Ad Pays defendants?
The SEC is pursuing $31.5 million in relief against three defendants connected to Fort Ad Pays. This includes $23.3 million in disgorgement from Fort Marketing Group, $7.025 million from Pedro Fort Berbel, and $1.25 million from Sibades LLC, with Fort Berbel facing an additional $7.025 million civil penalty.

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