SEC v Back to Green Mining, LLC, et al

Case No.  Civil No. 3:21-cv-1455

On September 21, 2021, the Commission filed a complaint action against Back to Green Mining, LLC (“BGM”); Jose M. Jimenez Cruz (“Cruz”), and Manuel Portalatin (“Portalatin”) (collectively, the “Defendants”). In its complaint, the Commission alleged that, from August 2016 through the end of 2020, BGM and Cruz defrauded investors through an illegal unregistered securities offering to share in the profits of a “green” gold and platinum mining venture operating in Ayapel, Colombia. The Commission further alleged that, during this time, Portalatin directly engaged in the offer and sale of the unregistered securities by signing investment contracts with investors. According to the Complaint, the Defendants raised more than $2.7 million from investors, most of whom are residents of Puerto Rico. See Complaint.

The litigation is now complete. The Court entered final judgments, by consent, against all of the Defendants, in relevant part ordering them, collectively, to pay disgorgement, prejudgment interest, and civil penalties aggregating to, approximately, $4.5 million. The Commission has collected $25,774.25 which it holds in an interest-bearing account at the U.S. Treasury. See Defendant Porlatin’s Final Judgment, and Defendants José M. Jiménez Cruz and Back To Green Mining, LLC Final Judgments.