Securities and Exchange Commission v. Avanti Capital Partners, LLC, et al., 2:12-cv-788-BCW (D. Utah). On August 13, 2012, the SEC filed charges against Ivan Wade Brown and his two companies: Highland Residential, LLC and Avanti Capital Partners, LLC (Avanti). This matter concerns unregistered offerings in Avanti Capital Partners, LLC (“Avanti”) and Highland Residential, LLC (“Highland”) securities by Brown. Brown raised more $27 million by selling notes for Avanti and Highland. Brown promised investors high annual returns and a little risk through an investment strategy of making bridge loans to fund home loans and construction projects. Brown did not use investor money as promised. Instead, he took investor funds for his own use, took funds from later investors to pay earlier investors, invested in properties other than ones he advised investors of, and invested in other schemes. Brown, Highland, and Avanti are charged with violating Sections 5(a), 5(c) and 17(a)(2) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5(b) thereunder. The SEC is seeking injunctive relief, civil monetary penalties, and disgorgement plus prejudgment interest.
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