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MIL-OSI USA: SEC Charges Company and CEO for $119 Million Securities Fraud Targeting Members of the South Asian American Community foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
FOR IMMEDIATE RELEASE Washington D.C., Dec. 21, 2020 The Securities and Exchange Commission today announced that it filed an emergency action against California-based real estate development company SiliconSage Builders LLC, aka Silicon Sage Builders, and its sole owner, Sanjeev Acharya, in connection with an alleged $119 million fraudulent offering. According to the SEC s complaint, Silicon Sage Builders and Acharya raised money from approximately 250 retail investors, most of whom were members of the Northern California South Asian community, by falsely describing Silicon Sage Builders real estate business as profitable and promising investors exorbitant returns. In fact, as the complaint alleges, from 2016 to 2019, all but one of Silicon Sage Builders projects had significant cost overruns and did not generate enough money to pay investors the promised returns. Acharya, as alleged in the complaint, misled investors into believing the payme ....
Litigation Release No. 24990 / December 21, 2020 Securities and Exchange Commission v. TH Wealth Management, LLC and Brian Keat Hobbs, ivil Action No. 3:20-cv-03676-C (N.D. Tex. filed December 18, 2020) The Securities and Exchange Commission charged TH Wealth Management, LLC, a Dallas, Texas-based investment adviser, and Brian Keat Hobbs, its sole owner and principal, for conducting a cherry-picking scheme that defrauded four of their clients. According to the SEC s complaint, from at least December 2016 through March 2019, Hobbs placed options trades using TH Wealth s omnibus trading account, which is intended to facilitate purchases of securities for multiple client accounts. As alleged, Hobbs placed the option trades early in the trading day but did not allocate the trades to specific clients or Hobbs s personal accounts until the end of the day. The complaint alleges that Hobbs then disproportionately allocated profitable trades to his personal accounts and alloc ....