Mocobizscene- The Securities and Exchange Commission (SEC) has taken immediate action against Miami-based real estate developer Rishi Kapoor, Location Ventures LLC, Urbin LLC, and 20 other associated entities. In response to an alleged $93 million real estate investment fraud scheme, the SEC has secured emergency relief, which includes an asset freeze.
Key Points
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- The 30-page complaint outlines allegations that from January 2018 to at least March 2023, Kapoor and the defendant entities solicited investors through material misrepresentations and omissions.
- Misrepresentations included false statements about Kapoor’s compensation, his contributions to Location Ventures, corporate governance, the use of investor funds, and his background.
- The SEC investigation found Kapoor allegedly misappropriated at least $4.3 million of investor funds and improperly commingled about $60 million between Location Ventures, Urbin, and other charged entities.
- The complaint also accuses Kapoor of causing some entities to overcharge fees and misrepresent returns to investors by understating cost estimates.
- Kapoor, Location Ventures, Urbin, and the 20 related entities are charged with violating provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
- The SEC seeks permanent injunctions, civil penalties, an officer-and-director bar against Kapoor, and disgorgement of ill-gotten gains with prejudgment interest against Kapoor and some charged entities.
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