Broadstreet Inc. withdrew its appeal of a decision allowing a Securities and Exchange Commission probe into its real-estate development plans to continue, which the private equity firm had sued to stop in August.
The SEC already sued the company and top executives in late January, alleging that they raised more than $1 billion from over 1,000 investors through deceptive tactics and misleading claims about its Global Fund.
Broadstreet, its Global Fund, and executives filed an unopposed motion to withdraw their appeal without prejudice in the US Court of Appeals for the Fifth Circuit on Wednesday.
The appeal arose after US ...
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