The Securities and Exchange Commission charged Thursday a host of a talk radio show aimed at entrepreneurs and two other executives at a Monterey, Calif.-based firm with misappropriating $2.5 million of approximately $7 million they raised through the fraudulent sale of interests in two real estate investment funds.
Alexander, along with the firm’s secretary/chief financial officer Beth Piña of Fairfield, Idaho, and vice president Michael E. Swanson of Seaside, Calif., instead stole investor money to pay themselves $1.2 million and finance “MoneyDots” and other unrelated businesses unbeknownst to investors. Alexander even used $200,000 of investor funds to remodel her kitchen.
“Alexander led investors to believe she would invest their money in secured real estate financing, but she and her cohorts merely used the money for their own benefit,” said Marc J. Fagel, director of the SEC’s San Francisco Regional Office, in a statement.
According to the SEC’s complaint filed in federal district court in San Jose, Alexander, Piña and Swanson raised nearly $7 million from 50 investors for two investment funds managed by APS Funding. They claimed that the funds would make short-term secured loans to homeowners and yield 12 percent annual returns to investors.
Contrary to what investors were told, $1.2 million of their money instead went directly to Alexander, Piña and Swanson for personal use, and $1.3 million in investor funds was used to finance other businesses owned by Alexander and APS Funding, including “MoneyDots.”
Read more here.
Former Business Insider executive editor Rebecca Harrington has been hired by Dynamo to be its…
Bloomberg Television has hired Brenda Kerubo as a desk producer in London. She will be covering Europe's…
In a meeting at CNBC headquarters Thursday afternoon, incoming boss Mark Lazarus presented a bullish…
Ritika Gupta, the BBC's North American business correspondent, was interviewed by Global Woman magazine about…
Rest of World has hired Kinling Lo as a China reporter. Lo was previously a…
Bloomberg News saw strong unique visitor growth to its website in October, passing Fox Business…