U.S. Charges Brent Borland With $21 Million Investment Fraud

The founder of a New York-based investment firm was charged with defrauding investors and using their money to fund a lavish lifestyle, including payments for a Florida mansion, multiple luxury cars and private school tuition.

Borland Capital Group LLC founder Brent Borland, of Sag Harbor, N.Y., was charged in a complaint unsealed in New York federal court May 16 with cheating investors who contributed more than $21 million for the construction of a Belize airport by falsely promising a high rate of return secured by property owned by the firm.

In reality, prosecutors said, some of the property didn’t even ...