SEC Sues 2 Over Alleged $6.3M Real Estate Loan Fraud

Law360, New York (September 28, 2011, 7:11 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday sued two Utah men for allegedly soliciting investments in their firm — which purportedly made so-called hard-money real estate loans — and then costing investors $6.3 million when the company collapsed with no reserves.

The SEC says Christopher A. Seeley and Justin G. Dickson fraudulently offered unregistered securities through AVF Inc. and AV Funding LLC, both of which did business as Alden View Funding, raising about $7.9 million from 50 investors between 2006 and 2009.

According to the...
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