According to a release published by the Securities and Exchange Commission (SEC) on March 11, 2016, fraud charges have been filed against California businessman Daniel Nase, who has been accused of stealing investor’s assets and attempting to conceal his actions. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have lost money investing with Mr. Nase and his company, BIC Real Estate Development Corporation.
According to the SEC, Daniel Nase, acting through the Bakersfield, California-based company BIC Real Estate Development Corporation, “stole money from investors in an unregistered offering of BIC common stock.” He then allegedly used these funds for personal expenses that included student loans, clothes, and vacations. The SEC further alleges that Mr. Nase “tried to cover up his misappropriation” when he learned that the SEC was investigating him; he reportedly invested stolen assets back into BIC Real Estate Development, “to make it appear he was increasing his equity stake when in reality it wasn’t his money from the start.” He did use certain funds to purchase real estate and promissory notes, as he represented to his investors that he would, but “improperly titled most of the properties in his name or his wife’s name or their family trust rather than BIC.”
The SEC reports that Daniel Nase was not registered to sell investments with the SEC or state regulators. He has been charged, in the US District Court for the Eastern District of California, with “violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 5(a) and (c) and 17(a) of the Securities Act of 1933.” The SEC is seeking a temporary restraining order, asset freezing, and a preliminary injunction, as well as “disgorgement of ill-gotten gains plus prejudgment interest and penalties as well as permanent injunctions and other relief against Nase and BIC.”
If you have lost money investing with Daniel Nase or BIC Real Estate Development Corporation, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency, which means we only get paid if and when you collect money. You may have a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.