Over $63 Million to Be Returned to Investors in Alleged Real Estate Investment Fraud

The Securities and Exchange Commission today announced that it has obtained a court order authorizing the distribution of over $63 million to investors in connection with a previously filed action. This amount represents the full return of funds to those who invested. The SEC’s complaint, filed in May 2019, alleged that Robert C. Morgan, a New York residential and commercial real estate developer, and two of his entities, Morgan Mezzanine Fund Manager LLC and Morgan Acquisitions LLC, engaged in a fraudulent real estate investment scheme. As alleged, Morgan financed his real estate development projects through, among other ways, the sales of securities to more than 200 retail investors, many of whom invested through their retirement accounts.