74 F
Belize City
Wednesday, August 5, 2020
Home Headline Feds charge Long Island man with securities fraud for bilking investors in...

Feds charge Long Island man with securities fraud for bilking investors in Placencia airport scheme

BELIZE CITY, Thurs. May 17, 2018– The United States Securities and Exchange Commission (SEC) yesterday brought charges against a Long Island man who, it said, misappropriated millions of dollars of investors’ money that he used to finance a lavish lifestyle for himself and his family, multiple reports out of New York confirmed.

Federal agents arrested Brent Borland, 48, of Sage Harbor, following an SEC investigation. Borland was charged with one count of conspiracy to commit securities fraud and wire fraud.

Borland, the owner of a New York-based investment fund named Belize Infrastructure Fund 1 LLC, and Borland Capital Group LLC, bilked about 40 investors out of an estimated $21.9 million between 2014 and March 2018.

Borland promised investors a high rate of return for their investment in an international airport on the Placencia peninsula in Belize.

Instead of using the money that he got from investors for the project, however, Borland allegedly spent it on himself, financing the purchase of luxury cars, a beach club membership, and private tuition for his children.

Borland allegedly spent $2.67 million out of the money to pay his wife’s credit card bills, and another $1.75 million on mortgage payments for his mansion in Florida, according to the federal complaint.

The maximum penalty for conspiracy to commit securities fraud is a 5-year prison sentence.

Borland is also facing a 20-year maximum sentence for wire fraud and another 20-year maximum sentence for securities fraud.

In addition to the criminal charges against him, the SEC has filed civil charges against Borland, who was scheduled to appear before U.S. Magistrate Judge Barbara Moses in Manhattan federal court, yesterday, Wednesday.

Previous articleBeware the ICJ…
Next articleLearning to C.O.P.E
- Advertisment -

Most Popular

Belmopan turns 50!

July 28, 2020-- The City of Belmopan will be celebrating its 50th birthday on August 1, 2020. Belmopan is one of the newest capital...

COVID-19 cases spike over the weekend

BELIZE CITY, Mon. Aug. 3, 2020-- As of Friday, July 31, the Office of the Director of Health Services had reported a total of...

Flag days & statesmen

Dear Editor, There are things best left for the politicians to handle. True! Also true is that the best politicians engage the public in issues...

600 UB students approved for graduation

BELIZE CITY, Mon. Aug. 3, 2020-- The Board of Trustees of the University of Belize approved 600 students for graduation at a meeting on...