Two hundred and seventy-two investors put money into a California real estate fund that promised steady monthly income from rental homes. The SEC alleges the monthly checks kept coming only because fresh investors were paying for them, and the people running the fund knew it from nearly the beginning.
The SEC just released its best enforcement number in history, and the headline is almost entirely one man who ran a Ponzi scheme before some of the people reading this were old enough to vote. What the number underneath that number looks like is a different story altogether.
By Elena Ruiz · Apr 26
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