Latest Breaking News On - Siliconsage builders - Page 1 : comparemela.com

SEC alleges SiliconSage Builders CEO Sanjeev Acharya targeted community members in Ponzi scheme. The SEC has charged a California-based real estate development company and its owner in connection with an alleged $119 million fraudulent offering that turned out to be a Ponzi scheme. According to the SEC’s complaint, SiliconSage Builders LLC (aka Silicon Sage Builders) and its sole owner Sanjeev Acharya raised approximately $119.2 million from 250 retail investors, most of whom were part of Northern California’s South Asian community. Acharya allegedly lied to investors that the company was profitable and promised investment returns as a high as 23% per year. “Acharya falsely described Silicon Sage Builders and all of its real estate projects as efficient, successful, and profitable when, in fact, from 2016 to 2019, all but one of his projects had significant cost overruns and did not generate enough revenue to cover the overruns,” said the complaint. 

San francisco bayUnited statesLos angelesMalka patelSanjeev acharyaSiliconsage buildersLos angeles regional officeUs district courtSilicon sage buildersNorthern californiaSouth asianNorthern california south asianAngeles regional officeSilicon sage builderNorthern districtPonzi scheme