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Real Estate Investment Co. A $135M Ponzi Scheme, SEC Says

Law360 (August 16, 2018, 5:49 PM EDT) -- The U.S. Securities and Exchange Commission filed a complaint against real estate investment firm Equitybuild Inc. and its father-son owners on Wednesday, accusing them of running a $135 million Ponzi scheme that ensnared about 900 investors with promises of double-digit returns.

The SEC says Equitybuild, its CEO and President Jerome Cohen and Vice President Shaun Cohen told investors the firm had developed a strategy of identifying undervalued property that was generating returns of 12 to 20 percent. In reality, the property they invested in was losing huge amounts of money and returns were being paid with other investors’ money, the SEC...

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Case Information

Case Title

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Case Number

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Court

Illinois Northern

Nature of Suit

850(Securities/Commodities)

Judge

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Date Filed

August 15, 2018

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