SEC Charges Alleged Mastermind Of Made-Up Stuff With Fraud
According to the authorities, when Eric Malley wasnât pontificating on cryptos, he was conjuring imaginary real estate investment funds.
Author:
Jan 13, 2021
According to the authorities, when Eric Malley wasnât pontificating on cryptos, he was conjuring imaginary real estate investment funds.
Eight years ago, a realtor named Eric Malley decided to launch a fund that would buy hundreds of luxury Manhattan residences on the cheap and, before selling them off to an institutional investor, would lease them to corporate tenants. He named this the MG Capital Management Residential Fund III and raised $23 million from about 60 investors for it. This both seems an incredibly small amount of money with which to buy hundreds of high-end New York City apartments, and is a far cry from Malley’s $525 million target. But it certainly seemed successful enough to convince him to launch a sequel, Fund IV, which sought a more