The Securities and Exchange Commission has filed a civil injunctive action in the United States District Court for the Southern District of Florida against U.S. Pension Trust and U.S. College Trust, two unregistered broker/dealers, and their three principals, Iliana Maceiras, Leonardo Maceiras, Jr., and Nildo Verdeja.

The SEC said that from at least 1995 up until this year, U.S. Pension Trust defrauded 14,000 investors, most of them in Latin America, by charging exorbitant, undisclosed commissions and fees in connection with the sale of mutual funds.

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