Posted: Thursday, February 14, 2019. 9:00 am CST.
By BBN Staff: An American fund manager from New York, Brent Borland, 48, plead guilty on Wednesday to running a US $21.9 Million fraud in which he falsely told investors their money was being used to construct an airport in southern Belize.
Borland, the principal of Borland Capital Group, plead guilty to one count each of securities fraud, wire fraud and conspiracy in a Manhattan court, according to the U.S. Justice Department. The fraud counts carry a maximum 20-year prison term. Prosecutors said Borland promised double-digit rates of return for providing temporary “bridge” financing for the construction of an airport in Placencia.
Instead, authorities said Borland diverted roughly $6 million to himself and his family for such expenses as credit card bills, mortgage payments on a Florida mansion, a beach club membership, a Mercedes-Benz SUV and private school tuition for his children.
Prosecutors said Borland’s scheme ran from 2014 to March 2018, and all of his known investors lost money. Borland was criminally charged last May. His sentencing is scheduled for June 21.
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