CORNELIUS, N.C. (AP) - The Securities and Exchange Commission says two North Carolina businessmen are accused in a scheme that raised nearly $6 million, including from friends and family.
The Charlotte Observer reports the SEC filed a complaint against Dana Bradley and Marlin Hershey and eight companies owned by either one or both. The SEC says they told investors they would use the money for developing and rehabilitating homes in Charlotte, but instead used the money to repay other investors and themselves a combined $1 million in commissions.
Two Charlotte attorneys representing the men say they disagree with the SEC’s characterization of their clients.
Information from: The Charlotte Observer, http://www.charlotteobserver.com
Copyright © 2020 The Washington Times, LLC.