SEC charges real estate developer with Ponzi fraud

The Securities and Exchange Commission (SEC) said on Thursday that it was charging Robert C. Morgan, a commercial real estate developer who carried out substantial business with the government sponsored agencies' CMBS platforms, with Ponzi scheme-like fraud. The regulator has demanded an asset freeze and other civil penalties.

  • By Alexander Saeedy
  • 23 May 2019

Morgan is a developer of residential and commercial real estate projects located primarily in the northeastern US.

While Morgan frequently used agency CMBS financing to pay for project development, the SEC focused on his means of selling debt securities directly to investors.

Though those securities were ...

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