Luis Cornide and Robert De La Riva

Coral Gables, FL: (Feb-19-07) Luis Cornide and Robert De La Riva, principles of an investment firm were brought under the scanner by the Securities and Exchange Commission, who claimed that the duo had misappropriated at least $15 million in investor funds. The two agreed to forfeit $4.2 million in cash and $4.4 million in assets to Pension Fund of America's court-appointed receiver, according to a settlement agreement filed February 5, 2007 in Miami federal court. The SEC will distribute $3.5 million to investors and other parties who claimed they were defrauded. [LAW.COM: INVESTMENT FRAUD]

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