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Three Bay Area Men Have Been Charged in Fraud Case

The Securities and Exchange Commission (SEC) has charged three men in an alleged investment scheme involving approximately 450 investors. The announcement came September 21, 2010, when the SEC filed its complaint in federal court in Minneapolis, Minnesota.

According to the SEC, the three men, Todd Duckson of Prior Lake, Minn., Timothy Redpath of Mill Valley and Michael Bozora of Belvedere are accused of raising $21 million from unsuspecting investors. The money was allegedly placed in the Capital Solutions Monthly Income Fund only after the fund’s sole business partner defaulted on its obligations to the fund in May 2008.

Mr. Redpath and Mr. Bozora originally launched the fund in 2004. The SEC claims that the fund was making real estate loans to a single borrower and that after the fund foreclosed on the borrower’s real estate projects, the three men continued to raise money from new investors. They eventually raised a total of $74 million from approximately 450 investors in the apparent investment scam.

The suspects have also been accused of using the new investors’ funds to pay existing investors in the alleged Ponzi scheme.

True North Finance Corp., a Minneapolis real estate lending company and True North’s CFO Owen Mark William have also been charged with accounting fraud for their involvement with the investment fraud case.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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