Rishi Kapoor, a prominent Indian-origin real estate developer based in Miami, has been charged by the Securities and Exchange Commission (SEC) in connection with an alleged $93 million real estate investment fraud. The SEC filed charges against Kapoor, Location Ventures, Urbin, and 20 related entities for perpetuating a scheme involving material misrepresentations and omissions, deceiving investors between January 2018 and March 2023.
The complaint alleges Kapoor’s involvement in misappropriating investor funds, improperly commingling capital, and manipulating cost estimates, with Kapoor allegedly misusing over $4.3 million for personal expenses, including a $5 million yacht and a high-end sports car lease.
Eric I. Bustillo, Director of the SEC’s Miami Regional Office, stated, “Kapoor was the architect of a multi-pronged real estate offering fraud that misappropriated millions from more than 50 investors.”
The SEC seeks permanent injunctions, civil penalties, an officer-and-director bar against Kapoor, and disgorgement of ill-gotten gains with prejudgment interest.
The SEC’s complaint has been filed in the U.S. District Court for the Southern District of Florida, citing violations of Securities Act of 1933 and Securities Exchange Act of 1934 provisions.
