Skip to main content    

Company Filings

U.S. Securities and Exchange Commission

                        -  About                            -  Careers 
                          -  Commissioners 
                          -  Contact 
                          -  Reports and Publications 
                          -  Securities Laws 
                          -  Mission 
                          -  Commission Votes 
                        -  Divisions & Offices                            -  Corporation Finance 
                          -  Enforcement 
                          -  Investment Management 
                          -  Economic and Risk Analysis 
                          -  Trading and Markets 
                          -  Office of Administrative Law Judges 
                          -  Examinations 
                        -  Enforcement                            -  Litigation Releases 
                          -  Administrative Proceedings 
                          -  Opinions and Adjudicatory Orders 
                          -  Accounting and Auditing 
                          -  Trading Suspensions 
                          -  How Investigations Work 
                          -  Receiverships 
                          -  Information for Harmed Investors 
                        -  Regulation                            -  Rulemaking Activity 
                          -  Proposed Rules 
                          -  Final Rules 
                          -  Interim Final Temporary Rules 
                          -  Other Orders and Notices 
                          -  Self-Regulatory Organizations 
                          -  Staff Interpretations 
                        -  Education                            -  Investor Education 
                          -  Glossaries 
                          -  Small Business Capital Raising 
                        -  Filings                            -  EDGAR – Search & Access 
                          -  EDGAR – Information for Filers 
                          -  Company Filing Search 
                          -  How to Search EDGAR 
                          -  Forms List 
                          -  About EDGAR 
                        -  News                            -  Press Releases 
                          -  Speeches and Statements 
                          -  Securities Topics 
                          -  Upcoming Events 
                          -  Webcasts 
                          -  SEC Videos 
                          -  Media Gallery 

                -  U.S. Securities and Exchange Commission                    -  Divisions & Offices 
                  -  Enforcement 
                  -  Regulation 
                  -  Education 
                  -  Filings 
                  -  Newsroom 
                -  Newsroom                    -  Press Releases 
                  -  Testimony 
                -  RSS Feeds                    -  Press Releases 
                  -  Public Statements 
                  -  Speeches 
                  -  Testimony 

## Enforcement

-  Enforcement 
-  About 
-  Enforcement Manual 
-  Public Alerts 
-  Federal Court Actions 
-  Administrative Proceedings 
-  ALJ Orders 
-  ALJ Decisions 
-  Commission Opinions 
-  Trading Suspensions 
-  Information for Harmed Investors 
-  Enforcement Cooperation Program 
-  Foreign Corrupt Practices Act (FCPA) 
-  Tips & Complaints 
-  Data Delivery Standards 
-  Divisions and Offices 

## Enforcement

-  Enforcement 
-  About 
-  Enforcement Manual 
-  Public Alerts 
-  Federal Court Actions 
-  Administrative Proceedings 
-  ALJ Orders 
-  ALJ Decisions 
-  Commission Opinions 
-  Trading Suspensions 
-  Information for Harmed Investors 
-  Enforcement Cooperation Program 
-  Foreign Corrupt Practices Act (FCPA) 
-  Tips & Complaints 
-  Data Delivery Standards 
-  Divisions and Offices 

# Other

# In the Matter of Leonardo Cornide and Jorge Falcon Admin. Proc. File No. 3-19511

                            Oct. 14, 2022                       

On September 25, 2019, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings against Leonardo Cornide and Jorge Falcon (collectively “Respondents”) and on January 24, 2020, the Commission issued an Amended Order. In the Amended Order, the Commission found that Respondents were using investor funds to obtain personal loans and for failing to disclose their personal interest in transactions in which they used additional investor funds. The SEC's Amended Order finds that Cornide and Falcon acted as investment advisers to Premier Assurance Group, SPC, Ltd ("PSPC"), and a Cayman Islands registered insurance company. Cornide and Falcon, who own PSPC's Miami-based holding company, advised PSPC to invest up to 25% of its investment reserves in a note with Silverback Capital Partners, LLC (Silverback), which is also owned and controlled by Cornide and Falcon and which made personal loans to Cornide and Falcon of over $7 million from funds borrowed from PSPC. Additionally, the order finds that because Cornide and Falcon own PSPC's holding company and Silverback and advised PSPC, Cornide and Falcon had a conflict of interest in recommending PSCP invest in the note with Silverback. As investment advisers, Cornide and Falcon failed to comply with their fiduciary duty to their client, PSPC, including a duty to disclose all material conflicts.

The Commission ordered, and Respondent Cornide to pay $3,161,032.19 and Respondent Falcon to pay $4,904,908.27 as disgorgement, accrued interest and a civil penalty. Pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, a Fair Fund was created for the disgorgement not previously paid, accrued interest and penalties. Amounts ordered to be paid as civil money penalties will be treated as penalties paid to the government for all purposes, including all tax purposes (the “Fair Fund”). See the Commission’s Order: Release No. IA-5366A.

On February 7, 2020, the Commission issued an order directing payment of certain funds received by the Commission to be paid from the Fair Fund to PSPC. Upon receipt of additional payment, pursuant to the Amended Order, the Commission will seek a Commission order to distribute such amounts received to PSPC within 30 days of receipt. See Commission’s Order: Release No. 34-88144. 

Also on February 7, 2020, the Commission issued an order appointing Miller Kaplan Arase LLP, as the Tax Administrator of the Fair Fund. See the Commission’s Order: Release No. 88145. 

On April 30, 2020, the Commission issued an order directing the second payment of certain funds received by the Commission to be paid from the Fair Fund to PSPC. Upon receipt of additional payment, pursuant to the Amended Order, the Commission will seek a Commission order to distribute such amounts received to PSPC within 30 days of receipt. See Commission’s Order: Release No. 34-88777. 

On July 23, 2020, the Commission issued an order directing the third payment of certain funds received by the Commission to be paid from the Fair Fund to PSPC. See Commission’s Order: Release No. 34-89390.

On September 25, 2020, the Commission issued an order directing the fourth payment of certain funds received by the Commission to be paid from the Fair Fund to PSPC. See Commission’s Order: Release No. 34-90006.

For more information, please contact the Commission:

Office of DistributionsEmail: ENFOfficeofDistributions@sec.gov

SOCIAL MEDIA1Twitter 2Facebook2Instagram3RSS4YouTube6LinkedIn8Email Updates

## About The SEC

-  Budget & Performance 
-  Careers 
-  Commission Votes 
-  Contact 
-  Contracts 
-  Data Resources 

## Transparency

-  Accessibility & Disability 
-  FOIA 
-  Inspector General 
-  No FEAR Act & EEO Data 
-  Ombuds 
-  Whistleblower Protection 

## Websites

-  Investor.gov 
-  Related Sites 
-  USA.gov 

## Site Information

-  Plain Writing 
-  Privacy & Security 
-  Site Map 

**Return to Top