SEC fraud charges were filed against a Bakersfield businessman for allegedly using investor assets for personal use and then trying to cover it up once the SEC caught wind of his scam.
Daniel Nase raised money from investors through an unregistered offering of common stock in his company, BIC Real Estate Development Corp. Nase told investors that he would be using funds to invest in real estate and promissory notes. Instead, money raised through the offering was used to purchase real estate in his own name, his wife’s name, or their family trust – but not in BIC’s name.
Nase also used some of the capital to buy clothes, pay for vacations, student loans, and other personal expenses. Once Nase found out about the SEC’s investigation, he invested stolen assets back into the company to make it appear that he was increasing his equity stake in BIC.
Nase was not registered to sell securities or investments with the SEC or California state regulators. He has been charged with violating federal antifraud laws and securities registration provisions. The SEC is currently seeking to freeze his assets and obtain injunctive relief, along with a return of all money raised from his offering.
Want to Learn More about Daniel Nase’s SEC Fraud Charges?
If you invested in BIC and Daniel Nase and lost your investment, you may have certain legal rights that require your immediate attention. Contact an experienced Los Angeles investment fraud attorney as soon as possible to discuss your rights.