Rishi Kapoor Admits Liability in SEC Case Over $4.3 Million Misappropriation, Raised $93 Million from Over 50 Investors, Urbin Site Sold for $17.5 Million

Rishi Kapoor, a developer involved in South Florida real estate projects, has admitted liability in a Securities and Exchange Commission (SEC) case without admitting or denying the allegations. Kapoor is accused of misappropriating $4.3 million while raising approximately $93 million from over 50 investors. As part of the case, a federal judge has approved the sale of the stalled Urbin condo site in Miami Beach for $17.5 million, which will allow the lender to recover much of its mortgage. However, contractors with $11 million in liens and condo depositors owed $10 million will not be compensated. The SEC's settlement includes a five-year ban on Kapoor serving as an officer or director of any company involved in securities offerings, with potential financial penalties still to be determined. The case highlights significant financial misconduct in the real estate sector, raising concerns among investors and regulators.