Action against Defendants, a real estate developer and his asset management firms, for alleged fraud on investors. According to the SEC, Defendants misrepresented that investor money would be used for real estate projects. The SEC alleges that Defendants instead misappropriated and commingled the funds by spending the money on Ponzi-like payments to earlier investors and personal expenses. Defendants have agreed to pay civil penalties and disgorgement to be determined by the court. Parallel criminal charges have been announced against the Defendant real estate developer.