Action against Defendant, a real estate developer, in connection with an alleged scheme to raise money for construction of an airport by over-pledging collateral on secured promissory notes.  According to the SEC, Defendant used approximately $5.98 million of $21.9 million of investor funds on personal expenses.  The SEC further alleges that Defendant used collateral that was pledged to prior investors to recruit new ones.  Parallel criminal charges have been filed.

SEC Litigation Release

SEC Press Release