A California real estate firm founder who died in 2020 took more than $10.3 million from investors for personal use as part of a Ponzi-like scheme, the SEC told a federal court in the state.

Kenneth J. Casey, founder of Professional Financial Investors Inc, used more than $2.6 million of the misappropriated funds to pay his personal tax obligations, the Securities and Exchange Commission alleges in a complaint filed in the U.S. District Court for the Northern District of California against Casey’s estate.

The purported scheme ran from at least June 2011 through Casey’s death on May 6, 2020, when …

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