Two Texas brothers and their companies misled around 50 investors about a real estate-focused private investment fund, making false statements to raise more than $12 million, the SEC said.
Saumil Thakkar and Poorvesh Thakkar controlled the PASMAA GP Investment Fund and made misrepresentations about their real estate investments from December 2017 to September 2020, according to the Securities and Exchange Commission’s complaint Wednesday in the US District Court for the Eastern District of Texas.
The brothers allegedly told investors they had Park Plaza Tower in Dallas under contract when they only had a limited right to make an offer, which ...