A proposed Muslim community development in Texas violated securities laws by not vetting the status of investors, Attorney General Ken Paxton (R) said in a new lawsuit.
The leaders behind EPIC City, a 400-acre development near Dallas, didn’t take reasonable steps to verify the investor status of at least 9% of purchasers, Paxton alleged in a suit filed in Collin County, adding that the group never registered with the Texas Securities Commissioner as required.
Additionally, defendant Community Capital Partners never informed potential investors that its top executive is receiving an annual salary of $360,000—contradicting his promise to investors to ...
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