The Securities and Exchange Commission has obtained a court order authorizing the distribution of over $63 million to investors in connection with an allegedly fraudulent real estate investment scheme.
The SEC’s complaint, which was filed last May, alleged that Robert C. Morgan, a New York real estate developer, and two firms he operated, Morgan Mezzanine Fund Manager and Morgan Acquisitions sold securities to more than 200 retail investors representing that their money would be used to improve multifamily properties.
Instead, the SEC charged that the money, much of which came from retirement accounts, was diverted to pay earlier investors. The agency also charged that Mr. Morgan and his firms misrepresented prior fund performance.
Since the filing, Mr. Morgan voluntarily liquidated certain assets to generate funds for collection by the receiver. They money returned to harmed investors represents the full return of those funds, the SEC said in a release.
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