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Puerto Rico company charged with securities fraud

The Securities and Exchange Commission has announced charges against Puerto Rico-based Back to Green Mining LLC and its two managing members, José Jiménez Cruz and Manuel Portalatin, for their participation in a fraudulent and unregistered offering in a purported "green" mining venture.

The complaint filed by the SEC alleges that, from August 2016 until at least 2020, Back to Green, Jiménez, and Portalatin offered and sold to retail investors in Puerto Rico and at least five U.S. states the opportunity to share in the profits of a purported Colombian gold mining operation. According to the SEC's complaint, the offering, which was not registered with the Commission, was part of a fraudulent scheme that raised approximately $2.7 million. Jiménez and Back to Green allegedly placed advertisements promising investors exorbitant returns and presented investors with materials that falsely stated that all permits necessary to mine in Colombia had been obtained. Subsequent to the provision of these materials, Portalatin allegedly signed contracts with investors when he knew that they had been misled.

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