Alleged Investment Scam Artists Agrees to Repay $81 Million in Investor Funds

In February, the Securities and Exchange Commission (SEC) announced that it has reached a settlement with an alleged investment scam artist who, according to the SEC’s complaint, misused more than $81 million in investor funds. While the claimed businessman reportedly told investors that their money would be used to fund the construction of a ski resort and biomedical research facility, records indicate that he actually used their funds to purchase other properties for his own personal and business use. According to the SEC’s press release, the investigation into the alleged fraud is still continuing. However, the alleged scam artist has reportedly agreed to pay: “[M]ore than $81 million in disgorgement of ill-gotten gains plus a $1 million penalty, and he must forfeit approximately $417,000 in cash that was frozen after the SEC filed the case. [He] also agreed to surrender ownership of the two condos and ski resort he purchased with investor funds and give up…

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