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#BocaRaton couple up to their necks in #realestate fraud, #SEC alleges. Mrs. #Bingham+her felon hub #JeanJoseph promised investors they w/purchase+renovate #CRE+resi props. Instead majority went to speculation. #SoFla #mortgage #multifamily #litigation https://t.co/dvFnbb4hCT
The SEC said that a substantial portion of the funds came from investors' retirement savings. https://t.co/4WEqPdnIbr
The SEC said one of the brothers allegedly used investor proceeds to make the down and installment payments to build a $30 million condominium in Miami. https://t.co/oxwV09iJrN
A felon helped oversee a Palm Beach County investment firm that allegedly ran a $56 million Ponzi scheme, according to the SEC. The scheme involved a Boca Raton couple, Mrs. Bingham and her husband Jean Joseph, who are accused of siphoning over $40 million from investors in a real estate fraud. The SEC alleges that the couple promised to purchase and renovate commercial and residential properties but instead diverted the majority of funds to speculative ventures. One of the brothers involved allegedly used investor proceeds to make payments for a $30 million condominium in Miami. A substantial portion of the funds reportedly came from investors' retirement savings.