A real estate executive used his company Ameri Metro Inc. to mislead investors about projects that were purportedly in development, filing false disclosures and selling more than $2 million in unregistered securities, the SEC said in a suit Friday.
The SEC’s latest enforcement action—one of several developer-related fraud suits the agency has filed under the current administration—seeks to recover ill-gotten gains through disgorgement, civil penalties, and to bar defendants from publicly dealing in securities.
Shahnawaz Mathias and Ameri Metro allegedly filed forms misrepresenting acquisitions that included 1,000 acres for an inland port in Pennsylvania valued at $260 million, as ...
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