South Floridians Charged in $9M Real Estate Sham
A Coral Springs man was charged in an alleged multifamily investment sham enterprise that siphoned and misused $2.4 million, with nearly half diverted into his personal account.
A lawsuit filed by the Securities and Exchange Commission claims Larry Brodman and his Property Income Investors sold fraudulently unregistered security offerings, raising $9.1 million for real estate investments from 156 investors in 26 states. The alleged sham lasted from at least January 2016 to last September.
The June 7 complaint also charged Anthony Nicolosi, a top-producing sales agent, who along with others received commissions, even though they were neither registered sales agents nor affiliated at the time with registered broker-dealers. Documents provided to real estate…