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SiliconSage Builders accused of engaging in $119 million securities offering fraud

( December 21, 2020, 21:17 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission filed an emergency action accusing real estate development company SiliconSage Builders and its sole owner of engaging in a $119 million fraudulent offering. According to the complaint, the company raised money from approximately 250 retail investors, most of whom were members of the Northern California South Asian community, by falsely describing its real estate business as profitable and promising investors exorbitant returns.Statement follows in full. Also see document below. ...

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