The SEC alleges that real estate investment companies committed securities fraud by commingling and misusing $34 million that was raised for specific projects, a lawsuit filed in federal court says.
“Defendants misled investors about the use of their money as well as the financial condition of the Corporate Defendants in which they invested,” according to the complaint filed March 7 by the US Securities and Exchange Commission in the US District Court for the District of Maryland.
Peter Stuart and three associates, all based in Bethesda, Md., started Outlier Development LLC—formerly known as Oak Tree Development LLC—in 2013, and by ...
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