ROBERT C. MORGAN REVIEW
This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/robert-c-morgan-5YCVP/running-ponzi-real-estate-scheme-id5ydpj .
Running A Ponzi Real Estate Scheme
Today, The Smart Investor Feed brings you another morally reprehensible fraud.
Robert C. Morgan has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?
We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.
Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:
Full Report On Robert C. Morgan
On November 6, 2020, the U.S. District Court for the Western District of New York entered a final judgment on consent against Robert C. Morgan, a New York residential and commercial real estate developer whom the Securities and Exchange Commission had charged with securities fraud in connection with a real estate investment scheme.
The SEC's complaint, filed on May 22, 2019, alleges that Morgan sold securities to more than 200 retail investors, many of whom invested through their retirement accounts. According to the complaint, although Morgan represented to investors that their money would be used to improve multifamily properties, Morgan and two entities he controlled instead diverted investor funds to facilitate payments to earlier investors, and made misrepresentations to later investors about prior fund performance. Upon filing this action, the SEC obtained emergency relief including the imposition of a temporary restraining order and the appointment of a receiver responsible for maximizing the monetary recovery for investors. Earlier this year, the receiver returned the more than $63 million in principal owed to the investors the SEC alleges were harmed by Morgan's fraud. The receiver's application to return an additional $3.3 million to these investors was granted on November 6, 2020.
Without admitting or denying the SEC's allegations, Morgan consented to the entry of a final judgment imposing an injunction against any future violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Subsequent to the filing of the complaint and the imposition of the temporary restraining order, Morgan liquidated assets to generate the more than $66 million the receiver collected and distributed, or has received court authorization to distribute, to harmed investors. The settlement with Morgan does not include any additional monetary relief.
Conclusion: Robert C. Morgan Is A Fraud
The report on SEC clearly suggests that Robert C. Morgan never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.
If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.
Help Us Fight These Criminals
Do you have evidence against Robert C. Morgan or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.
Full Disclosure: We sourced this piece of information from the SEC database