Law360 (September 16, 2020, 7:11 PM EDT) -- The U.S. Securities and Exchange Commission agreed to drop its civil suit against a real estate mogul indicted for running a $110 million "Ponzi-like" mortgage fraud scheme, citing his decision to sell off $66 million in property to pay back investors.
Robert C. Morgan, the leading man behind the Rochester-based Morgan Communities, isn't admitting guilt or wrongdoing in the case, according to the terms of a deal that Morgan and the SEC presented to U.S. District Judge Elizabeth A. Wolford on Tuesday. The agency isn't seeking disgorgement or civil penalties from him either.
The SEC leveled its claims against Morgan the...
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