A Texas woman orchestrated an $18.5 million fraudulent scheme that purported to refurbish and resell mobile homes, the SEC alleged Wednesday, the same day that an alleged associate agreed to pay about $178,000 to settle related charges.
Chimene Van Gundy’s scam raised money from about 600 investors, the Securities and Exchange Commission said in its filing in the US District Court for the Western District of Texas.
Van Gundy and her company, Outstanding Real Estate Solutions Inc., “misappropriated investor funds by making Ponzi-like payments to existing investors, paying millions of dollars in undisclosed sales commissions, and funding Van Gundy’s personal ...
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