November 11, 2022
The SEC charged Timothy Barton, Stephen T. Wall, and Haoqing (Michael) Fu with allegedly operating a fraudulent real estate investment offering, raising over $26 million. Barton, Wall, and Fu convinced investors, mostly Chinese nationals, into purchasing securities issued by companies they controlled. The defendants allegedly misrepresented to investors and misappropriated almost all funds for Ponzi-like payments and personal expenses.
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