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Brief
The Securities and Exchange Commission charged Kenneth Mattson, former CEO of LeFever Mattson, with operating a multimillion-dollar Ponzi-like scheme. Mattson allegedly sold fake interests in real estate investment limited partnerships to approximately 200 investors, including retired senior citizens, defrauding them of at least $46 million. Mattson's actions resulted in the commingling of investor funds with personal and business expenses, leading to significant financial losses for victims. Important compliance considerations include ensuring accurate records of ownership and transactions, as well as educating investors on the risks of investing in unregistered securities.
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