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Posted: Wednesday, May 16, 2018. 2:41 p.m. CST.
By BBN Staff: An American man, Brent Borland, 48, of Sag Harbor, New York, has been charged for defrauding investors of over $21 million for the construction of an airport on land in Belize, which he claimed his investment firm, Borland Capital Group LLC, owned.
He promised investors a high rate of return on the investment and instead used their money to fund a lavish lifestyle. He spent the money on payments for a mansion in Florida, several luxury cars, private school tuition, a mortgage, membership at a “posh Florida beach club” and $10,000 in high end watches.
Borland was arrested charged in a Manhattan federal court on Wednesday. Prosecutors told the court that the property Borland claimed to own didn’t even exist. Another civil suit against Borland filed by the U.S. Securities and Exchange Commission claims he also funneled nearly $6 million to a holding company he and his wife controlled and used the money on personal items.
Borland was criminally charged with securities fraud, wire fraud and conspiracy counts. He faces up to 20 years in prison on each fraud count if convicted. The SEC is seeking to recoup illegal profit, impose civil fines, and obtain an asset freeze.
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