Action against Defendants, an investment advisory entity, its founder and owner, its accounting manager, and the founder and owner’s brother and son, in connection with alleged misuse of investor funds. According to the SEC, Defendants falsely stated to investors that investments in their private real estate investment fund were secure and earned high returns, and misused portions of the fund for Defendant owner’s personal expenses and the fund’s operational expenses. The SEC alleges that the remaining Defendants helped hide the fraud by preparing or distributing investor materials with false information and concealing information from the fund’s auditors. Defendants have agreed to repay approximately $30 million in improperly received funds that have not yet been returned. Defendant owner has agreed to return improperly acquired assets and to pay a $2.5 million civil penalty, and his brother and son have agreed to pay civil penalties of $424,000 and $150,000, respectively.