Golden Gate REIT Founder Convicted Of $2M Fraud

Law360, New York (April 12, 2011, 10:42 PM EDT) -- A federal jury in Texas on Tuesday convicted the founder of the Golden Gate Real Estate Investment Trust of blowing $2 million of investor money he raised under false pretenses.

After a weeklong trial, a jury in the U.S. District Court for the Northern District of Texas found Michael R. Rouse guilty of nine felony counts related to the Golden Gate fraud: two counts of securities fraud, five counts of mail fraud, one count of money laundering and one conspiracy count.

Rouse, along with already convicted...
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