April 7, 2026
ChapmanAlbin is investigating Saumil Thakkar and Poorvesh Thakkar, brothers and co-managers of the PASMAA GP Investment Fund, LLC, a Texas-based private real estate fund. On February 18, 2026, the Securities and Exchange Commission filed a civil complaint in the Eastern District of Texas alleging that the Thakkar brothers fraudulently raised more than $12 million from approximately 48 investors by making material misrepresentations and omissions about fund assets, pre-leasing percentages, project costs, and the Thakkar family’s own investment in the fund. The SEC is seeking permanent injunctions, disgorgement of ill-gotten gains, and civil penalties — and is asking the court to bar the Thakkar brothers from participating in future securities offerings. If you invested in the PASMAA GP Investment Fund and have concerns about how your money was managed or what you were told before investing, this page explains what the public record shows and what options may be available to you. This page is based on public records including the SEC complaint and related litigation documents.
Primary subjects: Saumil Thakkar (Allen, Texas) and Poorvesh Thakkar (Denison, Texas)
Related entities: PASMAA GP Investment Fund Manager, LLC (McKinney, Texas); Perfect Group Holdings, LLC (McKinney, Texas)
SEC enforcement action: SEC Litigation Release No. 26483 — filed February 18, 2026
Primary concern: Alleged material misrepresentations and omissions in connection with a $12 million private real estate fund offering
Products mentioned in public records: Private placement LLC units in PASMAA GP Investment Fund, LLC — sold at $50,000 per unit under a Confidential Private Placement Memorandum
SEC case: Civil Action No. 1:26-cv-00067 (E.D. Tex.)
Saumil Thakkar and Poorvesh Thakkar are brothers who, according to the SEC complaint, own or control several businesses in the Dallas-Fort Worth area, including a tax preparation business serving high-net-worth clients. Through that business, the Thakkar brothers had access to a pool of potential investors — some of whom ultimately invested in the fund at issue. The brothers formed the PASMAA GP Investment Fund, LLC in September 2017 to invest in real estate development projects, with a stated goal of raising $20 million. Saumil and Poorvesh served as the managers of the fund’s managing entity, PASMAA GP Investment Fund Manager, LLC, and are described in the SEC complaint as exclusively controlling both the fund’s and the manager’s bank accounts and operations.
Poorvesh Thakkar has a prior regulatory history worth noting. In 2016, he consented to a cease-and-desist order in a separate SEC proceeding involving an accounting firm owned by the Thakkar brothers’ father, where Poorvesh served as Vice President of Operations. That matter resulted in a $16,000 civil penalty against Poorvesh, according to the SEC complaint.
On February 18, 2026, the SEC filed a civil complaint in the Eastern District of Texas against Saumil Thakkar, Poorvesh Thakkar, PASMAA GP Investment Fund Manager, LLC, and Perfect Group Holdings, LLC. The complaint charges all defendants with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b) — the core federal antifraud prohibition. It separately charges the Thakkar brothers and the fund manager with violating Section 17(a)(2) of the Securities Act of 1933 for allegedly obtaining money by means of material misstatements and omissions in connection with a securities offering.
The SEC is seeking permanent injunctions against all defendants, disgorgement of all ill-gotten gains plus prejudgment interest from the Thakkar brothers and the fund manager, civil penalties against Saumil Thakkar and the fund manager, and conduct-based injunctions that would bar Saumil and Poorvesh from participating in the issuance, purchase, offer, or sale of any security — other than purchases or sales for their own personal accounts.
The SEC’s complaint describes a pattern of alleged misrepresentations that touched nearly every important aspect of the fund’s pitch to investors.
The Park Plaza Tower claim
From at least December 2017 through June 2018, the Thakkar brothers and their entities told prospective investors — in writing, in emails, and in person — that a Dallas commercial building called Park Plaza Tower was under contract with the fund and set to close in April 2018. According to the SEC, that was false. The brothers had only a limited right to make an offer on the property, their offer was rejected in October 2017, and the building’s owner had no obligation to sell to the fund. Despite knowing the offer had been rejected, the SEC alleges the brothers continued to circulate investment materials claiming the building was under contract for months afterward.
Pre-leasing misrepresentations
The fund’s two active development projects — the Mustang Square Project and the Alma Project — were described in investor materials as being pre-leased at specific percentages before construction was complete. According to the SEC, those figures were inaccurate. For the Mustang Square Project, the SEC alleges no signed retail leases existed at the time the materials were circulated. For the Alma Project, the SEC alleges the represented leasing figures were either entirely false or materially overstated.
Understated project costs
Pro forma financial statements included in investor materials showed Mustang Square Project acquisition costs of approximately $4.6 million. According to the SEC, Saumil knew by February 2018 that actual acquisition costs — for land purchased from entities affiliated with the Thakkar family — had already reached $5.1 million and would grow to approximately $5.7 million by March 2018. The SEC alleges the false, lower figure continued to be distributed to prospective investors for months after the true costs were known.
Overstated family investment
The Thakkar brothers repeatedly told investors the Thakkar family would invest $3 million to $3.5 million in the fund alongside them — a representation designed to signal confidence and alignment of interests. According to the SEC, the actual family-related investment totaled approximately $1.2 million, less than half of what investors were told. The SEC alleges this overstatement was material: some investors stated they would not have participated had they known the truth.
Undisclosed related-party transactions
According to the SEC, the fund’s offering materials acknowledged the general possibility of conflicts of interest but failed to disclose specific related-party agreements that were already in place while investors were being solicited. Under one agreement, an affiliated development entity controlled by Poorvesh received acquisition and disposition fees from the fund. Under another, a property management company owned by Saumil and his wife received $3,000 per month in management fees. The SEC alleges at least $2.2 million in investor funds was ultimately paid to these affiliated entities under agreements investors were never told about. When some investors raised concerns about undisclosed fees in October 2019, the brothers attempted to amend the fund’s operating agreement retroactively to authorize those payments — but investors did not agree to the amendment. According to the SEC, payments to the affiliated entities continued regardless.
When someone raises money from investors through a private placement — a formal offering of securities under a written disclosure document like a PPM — federal law requires that the information provided to investors be accurate and complete. Investors who rely on a PPM and related materials are entitled to truthful disclosures about the fund’s assets, its costs, the people behind it, and how their money will be used.
The SEC’s complaint alleges that misrepresentation and omission occurred here across multiple categories simultaneously: inflated asset claims, overstated pre-leasing, understated costs, misrepresented insider investment, and concealed related-party payments. The private placement structure used in this case is one where investors can be particularly vulnerable, because these offerings are not registered with the SEC and receive far less public scrutiny than publicly traded securities.
If the facts alleged by the SEC are proven, investors may have options to pursue recovery based on fraud and misappropriation and breach of fiduciary duty — particularly given the alleged diversion of investor funds to undisclosed affiliated entities controlled by the same people managing the fund.
ChapmanAlbin works on contingency — there is no cost to you unless we recover money on your behalf. If you invested in the PASMAA GP Investment Fund and are concerned about what happened to your money, the first step is a free, no-obligation consultation with one of our attorneys.
According to the SEC’s February 2026 complaint, the Thakkar brothers fraudulently raised more than $12 million from approximately 48 investors for a Texas real estate fund by making material misrepresentations and omissions in written offering materials, emails, and verbal solicitations. The alleged misrepresentations covered fund assets claimed to be under contract, pre-leasing figures for development projects, project costs, the Thakkar family’s own investment in the fund, and the existence of undisclosed related-party agreements that funneled investor money to Thakkar-affiliated entities.
Potentially yes. Private placement interests — including LLC units in a private fund — are securities under federal law, and investors in those offerings are protected by the same antifraud rules that apply to public markets. If you were given false or misleading information when you invested, the fact that the offering was private does not eliminate your ability to pursue a claim.
Not necessarily. The SEC complaint specifically notes that some fund investments were received from self-directed IRA accounts. If your retirement funds were invested in this fund, you may still have options to pursue recovery. The source of the investment funds generally does not eliminate claims based on alleged misrepresentations made during the offering process.
According to the SEC, the fund’s offering materials disclosed only the general possibility of conflicts of interest — not the specific agreements that were already in place when investors were being solicited. Under those agreements, entities owned or controlled by the Thakkar brothers received at least $2.2 million in investor funds in fees. The SEC alleges investors were never told about these arrangements, which would have been material to their decision to invest.
ChapmanAlbin works on contingency. If we take your case and do not recover money for you, you owe us nothing. There is no upfront fee and no cost to speak with one of our attorneys in a free initial consultation.
This page is for informational purposes only and does not constitute legal advice. The information presented is based on publicly available records including FINRA BrokerCheck and FINRA disciplinary filings. Past outcomes are not a guarantee of future results. Every matter depends on its own facts and circumstances and should be evaluated individually. This site contains attorney advertising. Any reference to past cases or successes should not be construed as a guarantee of any future outcome.
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