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Benedicte Gravrand, Opalesque Geneva:

The US Securities and Exchange Commission (SEC) announced on Friday fraud charges and an asset freeze against Miami Beach-based asset management company Onix Capital LLC and owner Alberto Chang-Rajii, a Chilean national who fled the US earlier this year.

Chang and Onix Capital have allegedly defrauded investors in promissory notes that "guaranteed" annual returns of 12% to 19% and bilked others who were told their funds would be invested in promising start-ups.  They are also alleged to have falsely depicted Chang as an award-winning multi-millionaire "angel" investor with an MBA from Stanford University. 

   Chang and Onix Capital sold more than $5.7m in Onix promissory notes that they falsely claimed were guaranteed by Chang, and raised more than $1.7m that Chang promised to invest in companies such as Uber, Snapchat, and Square. Instead, investor funds were diverted to Chang and used to pay other investors.

The scheme began to unravel in March when reports published in the US and Chile exposed the misrepresentations.  Chang fled to Malta and transferred approximately $4m, including Onix Capital investor funds, to banks in Malta, the United Kingdom, Switzerland, and Australia. 

When the alleged misrepresentations were exposed, they stopped paying investors and shifted millions of dollars of investor assets offshore.

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