Secured Income Group, Inc., Max McDermott, and Stacey Porter

Date:

November 11, 2022

Type of alert:

Fraud  

The SEC charged Secured Income Group, Inc., Max McDermott (owner), and Stacey Porter (investor relations representative) with allegedly raising $100 million from hundreds of investors for a “Secured Debentures” offering with the promise of making real estate loans secured by first lien positions on the underlying properties and stating that their investments would be secured by this real estate. Secured Income Group allegedly deviated from this business model, misrepresented facts, and sold off millions of dollars of its loans.

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