\t\t\t\tIn federal court in Sherman, TX, the US Securities and Exchange Commission has filed an emergency action to halt a $22.7M mortgage investment scam involving Thurman P. Bryant, III and his Bryant United Capital Funding, Inc. According to the regulator\u2019s complaint, Bryant and his firm raised about $22.7M from about 100 investors by making false promises, including telling them that the investments were free of risk and guaranteed 30% minimum yearly returns.<\/p>\n
The SEC claims that Bryant told investors that his firm would fund the mortgages, which would be sold right away to third parties for a fixed fee. He allegedly informed them that their money would be left in secure escrow account as evidence of funds in order to obtain a credit line to cover the mortgage loans. Bryant and his firm are accused of violating the Securities act of 1933\u2019s Section 17(a) and the Securities Exchange Act of 1934\u2019s Section 10(b) and Rule 10b-5 thereunder.<\/p>\n
According to the Commission, since the start of this year alone, Bryant has raised about $1.4M from investors. So far, Bryant\u2019s firm has paid about $16.8M as supposed investment return and also as referral fees to investors who\u2019ve helped identify additional prospective investors.<\/p>\n