SEC Accuses Atty, Fund Promoters Of $21M Fraud

Law360, New York (September 22, 2010, 4:30 PM EDT) -- An attorney and two promoters of a real estate lending fund have been accused of defrauding investors of more than $21 million by concealing that the fund's sole business partner had collapsed.

The U.S. Securities and Exchange Commission filed suit against Minneapolis-based attorney Todd A. Duckson, and Marin County, Calif., promoters Michael W. Bozora and Timothy R. Redpath, Tuesday in the U.S. District Court for the District of Minnesota.

According to the complaint, Bozora and Redpath launched the fund in 2004, offering limited partners a 12...
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