Indian Mastermind in $93M Florida Fraud

The Securities and Exchange Commission (SEC) has acted swiftly in response to an alleged $93 million real estate investment fraud led by Miami-based developer Rishi Kapoor. They’ve frozen assets and provided emergency relief.

Kapoor, along with entities like Location Ventures LLC and Urbin LLC, Florida, is accused of deceiving investors from January 2018 to at least March 2023. Allegations include misrepresentations about Kapoor’s compensation, cash contributions, corporate governance, use of funds, and his background.

The investigation uncovered Kapoor’s misuse of $4.3 million in investor funds and improper mingling of around $60 million among various entities. The complaint also claims Kapoor directed entities to pay excessive fees, understated costs, and misrepresented returns to investors.

SEC’s Miami Regional Office Director described Kapoor as the mastermind of a complex real estate fraud affecting over 50 investors. The SEC is seeking permanent injunctions, fines, an officer-and-director bar against Kapoor, and the return of ill-gotten gains.

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