November 17, 2021

South Floridians Charged in $9M Real Estate Sham

3050 Coral Springs Drive in Coral Springs; 1361 Southeast Fourth Street in Deerfield Beach and clips from the complaints. (Google Maps, District Court of Southern Florida)

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…

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