The Securities and Exchange Commission brought charges Tuesday against two South Florida financiers who allegedly defrauded Latin American investors and made them invest up to $127 million in mutual funds, the Miami Herald reports.

The SEC charged that in a "sham" scheme to enrich themselves, Coral Gables executives Luis M. Cornide and Robert de la Riva, directors of Pension Fund of America, misrepresented fees and costs to investors, distributed vital investment information in English only and forged documents to gain the trust of Central and South American investors.

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