Broker Newswire
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Online Trading
    • Cryptocurrencies
    • Stocks
  • Markets
    • Earnings
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Saving money
    • Retirement
  • Economy
  • Tech
    • Enterprise
    • Internet
SUBSCRIBE
No Result
View All Result
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Online Trading
    • Cryptocurrencies
    • Stocks
  • Markets
    • Earnings
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Saving money
    • Retirement
  • Economy
  • Tech
    • Enterprise
    • Internet
No Result
View All Result
Broker Newswire
No Result
View All Result
Home Latest News General

Beverly Hills Developer Agrees To Settlement After Engaging In Property Flipping Investment Scheme

by Jay Helton
August 13, 2017
2 min read
0
sec logo
Share on FacebookShare on Twitter

On August the 11th, the Securities and Exchange Commission announced fraud charges against the operator of five real estate development companies. Jay Belson is accused of defrauding investors by promising a minimum rate of return in southern California real estate “flips”.

Belson controlled the following real estate development companies.

  • Smarte Real Estate Investments Inc.
  • Jack Rockman LLC
  • John Blackstone LLC
  • Residence at St. Ives LLC
  • Bellagio Place Residence LLC

According to the SEC’s complaint, investors were promised a minimum rate of return and the opportunity to share the profits generated from successfully flipped properties. Belson also told investors that he and his companies would only be paid for successful property sales and for certain development and management fees.

RELATED STORIES

Volkswagen must pay damages

Volkswagen must pay damages to buyers of manipulated diesel cars

May 25, 2020
Future Cloud Banking and Fintech

Future Cloud Predictions for Banking and Fintech Sector

April 23, 2020

The SEC alleges that Belson and his companies raised roughly $18 million from at least 23 investors. The SEC has also accused Belson of stealing more than $1.8 million and utilizing the company for certain operating costs, such as rent, utilities and salaries. Eventually, the largest investor became aware of the alleged theft and confronted Belson directly.

Belson is also accused of using investor funds for various projects despite promising to keep them separate. Again, the largest investor confronted Belson that he was “taking money from one deal to feed another.” Belson apparently admitted to the accusation. He replied, “You’re certainly right about my mixing the project finances with each other..bad choice.”

The SEC’s complaint was filed in the U.S. District Court of the Central District of California. Belson and his companies have agreed to the entry of final judgement, without admitting or denying guilt. They’re enjoined from violating the charged provisions in the future.

The settlement is pending court approval. Belson and the defendant companies are ordered to pay $1.9 million in disgorgement and interest, as well as $905,000 in penalties. Belson has been ordered to pay a penalty of roughly $1.1 million.

Tags: jay belsonreal estateSEC
Create your Web Presence with Namecheap

Recent Posts

  • Bitcoin and crypto spending is allowed by PayPal Now
  • The event in the live stream: Apple releases 5G-capable iPhone – Business
  • Volkswagen thriller: An unpopular supplier, audio recordings and a dead man
  • Tencent and WeChat also affected: Why Trump’s TikTok ban could harm Silicon Valley
  • Hacker attack on Twitter: “Group of young people” is supposed to be behind the attack on the social media platform

Category

  • Acquisitions
  • Broker Related
  • Earnings Reports
  • Economy
  • Enterprise
  • General
  • Internet
  • Investing
  • IPO News
  • Latest News
  • Layoffs
  • Markets
  • Online Trading
  • Opinion
  • OTC Markets
  • Penny Stocks
  • Personal Finance
  • Retirement
  • Saving money
  • Stocks
  • Technology

About Us

Broker Newswire (BN) is an exciting new online publication, which targets finances, brokers, mortgage and markets. BN, which is the nation’s leading provider of real estate, finance and market news and analysis.

  • About
  • Advertise
  • Privacy & Policy
  • Feedback

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Latest News
  • Investing
    • Acquisitions
    • Broker Related
    • Cryptocurrencies
    • Online Trading
    • Stocks
  • Markets
    • Earnings Reports
    • OTC Markets
    • Penny Stocks
  • Personal Finance
    • Retirement
    • Saving money
  • Economy
  • Tech
    • Enterprise
    • Internet
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.