Miami-based developer Rishi Kapoor will be charged by the Securities and Exchange Commission on Wednesday, January 3 (representative photo)
New York (hint): An Indian-origin real estate developer has been charged by federal authorities in the United States with perpetuating a $93 million fraud scheme. Miami-based developer Rishi Kapoor could be indicted by the Securities and Exchange Commission on Wednesday, January 3rd.
The SEC announced that it has obtained an asset freeze and other emergency relief for Mr. Kapoor in connection with an alleged $93 million real estate investment fraud. The SEC also indicted real estate company Location Ventures, its affiliate Urbin, and 20 other related entities in connection with the fraud scheme, the statement said.
According to the SEC’s complaint, from approximately January 2018 until at least March 2023, Kapoor and certain defendant entities made several material misstatements and omissions regarding, among other things, Kapoor, Location Ventures, Arvin, and its properties. and solicited investors. development.
The false statements allegedly included misrepresentation of Mr. Kapoor’s compensation. his cash contribution to the capitalization of Location Ventures; Location Ventures and Urbin Corporate Governance. Use of Investor Funds. and kapoor’s background.
(Source: PTI)