One of the country’s largest landlords accused of “Ponzi scheme-like” scam

The Securities and Exchanges Commission and the Justice Department are alleging that Robert Morgan, one of the largest landlords in the country, ran a “Ponzi scheme-like” scam. The SEC filed civil charges against Morgan, who they say raised $110 million from more than 200 investors — promising returns of 11 percent — only to use that cash as a “fraudulent slush fund” to pay previous investors, the Wall Street Journal reported. Investors are still owed […]

source https://therealdeal.com/national/2019/05/23/one-of-the-countrys-largest-landlords-accused-of-real-estate-ponzi-scheme-like-scam/#new_tab