DSNews The homepage of the servicing industry
A father and son were charged for their roles in a fraudulent real estate investment scheme on March 27, the ""Securities and Exchange Commission"":http://www.sec.gov/ (SEC) announced Monday.
A federal jury in Detroit convicted John J. Bravata on one count of conspiracy and 14 counts of wire fraud, while his son, Antonio M. Bravata was charged with one count of conspiracy to commit wire fraud.
The father and son received charges for their role in defrauding investors through BBC Equities. The securities offering for BBC raised more than $50 million from at least 440 investors, according to a release. The purported ""real estate investment fund"" was promised to yield annual returns of 8 to 12 percent.
Richard J. Trabulsy, John's partner in BBC, previously pleaded guilty in the same action.
