The Securities and Exchange Commission today charged a Minneapolis-based attorney and two San Francisco-area promoters with defrauding investors in a real estate lending fund by concealing the financial collapse of the fund’s sole business partner. The SEC alleges that Todd A. Duckson, an attorney who resides in Prior Lake, Minn., and Michael W. Bozora and Timothy R. Redpath, who reside in Marin County, Calif., raised more than $21 million from investors in the Capital Solutions Monthly Income Fund after the fund’s sole business partner defaulted on its obligations to the fund. The SEC alleges that after this May 2008 default, the fund – whose sole business was to make real estate loans to a single borrower – had no meaningful income and was using new investor funds to pay existing investors.
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