in

Bay Area properties tied to fraud-linked builder head for foreclosure

SAN JOSE — Some Bay Area properties owned by a fraud-linked and bankrupt real estate company have been foreclosed, raising fears that investors in the developer’s projects could be wiped out.

The properties are sites where SiliconSage Builders and its chief executive Sanjeev Acharya – targets of fraud charges brought by the Securities and Exchange Commission – had proposed the development of several housing projects.

The SEC says Acharya and Silicon Sage defrauded about 250 people, mostly from the South Asian community, out of at least $119 million, according to documents filed with the U.S. District Court in San Francisco.

#Bay #Area #properties #tied #fraudlinked #builder #foreclosure

Post expires at 8:01pm on Wednesday June 29th, 2022