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U.S. charges NY fund manager with Belize airport scam #530460
05/16/18 06:58 PM
05/16/18 06:58 PM
Joined: Oct 1999
Posts: 61,702
oregon, spr
Marty Offline OP

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Marty  Offline OP
A New York investment manager was arrested on Wednesday and charged with fraudulently raising about $21.9 million that he told his investors would be used to build an international airport in Belize, the U.S. Department of Justice said.

Brent Borland, a principal at Borland Capital Group, was accused of having promised double-digit rates of return on investments related to temporary “bridge” financing for the airport in Placencia, roughly 110 miles (177 km) south of Belize City, and secured by real property in Belize.

Instead, authorities said all investors in Borland’s Belize Infrastructure Fund lost money, while the 48-year-old resident of Sag Harbor, New York and Delray Beach, Florida diverted close to $6 million to fund a lavish lifestyle for his family.

This sum allegedly included $2.67 million of credit card bills, mortgage payments on a Florida mansion, a Mercedes-Benz SUV, membership dues at the Delray Beach Club, and private school tuition for Borland’s children.

The U.S. Securities and Exchange Commission said in a related civil case that Borland invoked his constitutional right against self-incrimination when questioned by that regulator.

Click here for the rest of the report in Reuters

Re: U.S. charges NY fund manager with Belize airport scam [Re: Marty] #530466
05/17/18 04:55 AM
05/17/18 04:55 AM
Joined: Oct 1999
Posts: 61,702
oregon, spr
Marty Offline OP

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Marty  Offline OP

Got An Airport in Placencia To Sell You...

A New York investment manager has been charged in the US for a 22 million US dollar dead raise for an International airport in Placencia. Brent Borland falsely promised investors in the project a high rate of return secured by property owned by the firm. But, it seems some of the property didn't even exist, and Borland used the money he raised to live a lavish lifestyle.

He was arrested on Wednesday and charged with fraudulently raising $21.9 million US. US authorities said all investors in Borland's Belize Infrastructure Fund lost money, while the 48-year-old New Yorker diverted close to $6 million for his personal use. Borland was criminally charged with securities fraud, wire fraud and conspiracy counts. There's no word yet on what - if anything - this may have to do with the existing airport project in Riversdale which has been on freeze for years.

Channel 7


Re: U.S. charges NY fund manager with Belize airport scam [Re: Marty] #530515
05/19/18 06:05 AM
05/19/18 06:05 AM
Joined: Oct 1999
Posts: 61,702
oregon, spr
Marty Offline OP

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Marty  Offline OP

The Placencia Airport Hustle

It made news earlier this week when 48 year old US Investment Fund Manager Brent Borland was charged with multiple counts of securities fraud. It's related to Belize, because he's accused of tricking investors to front 21.9 million dollars in bridge financing for an International Airport project in Placencia.

Jules Vasquez did a deeper dig:...
The only time we saw the Placencia Airport in use was in December of 2014 when a SICA Summit was held in Belize.

But, this man - Brent Borland - seen here at what looks to be the very same airport - was using it as an investment package.

He told investors that his Placencia Group had invested 24 million dollars into the project and was getting a loan for 45 million dollars more to finish the project. The pitch was that this airport will have two 12,000 foot runaways to bring in flights from as far as Asia along with an export free zone.

But they hadn't gotten the money yet and needed from investors what he called bridge financing until they did. High yield short term bridge financing secured with supposedly real, high value properties in Placencia.

Borland was a principal at Borland Capital Group, and this court compliant from the securities and exchange commission says that he raised 21.9 million US dollars with that pitch.

But the Securities and Exchange Commission says he spent at least 6 million dollars of it on a lavish lifestyle in Florida - buying a 140 thousand dollars SUV, paying off his wife's 2.7 million dollar credit card debt, among many other luxuries.

Borland raised the money through the Florida based company called the Belize Infrastructure fund.

The pledged properties in Placencia are owned by the Mayan Estate group. You can see on this pledge document where the well-known peninsula developer Marco Caruso co-signed one of the pledges.

As the complaint notes though the same property, Placencia north block 36 parcel 2169, lots 84 and l32 were pledged for security for at least 10 investors and every time he gave it a different value - as low as 200 thousand US dollars or as high as two million dollars.

Now, how much - of any of the money did go into this airport? Investigators say he diverted at least 30% of the funds for personal use. Whether any long term financing was ever on the horizon is still unknown as the investment languishes.

Notably, the SEC investigators concluded that the pledged properties in Placencia quote, "does not appear to exist."

Marco Caruso did not return our requests for comment.

Channel 7


Re: U.S. charges NY fund manager with Belize airport scam [Re: Marty] #534876
02/14/19 05:32 AM
02/14/19 05:32 AM
Joined: Oct 1999
Posts: 61,702
oregon, spr
Marty Offline OP

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Marty  Offline OP

New York fund manager pleads guilty to Belize airport scam
A New York investment manager pleaded guilty on Wednesday to running a $21.9 million fraud in which he falsely told dozens of investors their money was being used to build an international airport in Belize, the U.S. Department of Justice said. Brent Borland, 48, a principal at Borland Capital Group, pleaded to one count each of securities fraud, wire fraud and conspiracy before U.S. District Judge Katherine Polk Failla in Manhattan, the Justice Department said. The fraud counts each carry a maximum 20-year prison term. A federal public defender representing Borland did not immediately respond to a request for comment.


Re: U.S. charges NY fund manager with Belize airport scam [Re: Marty] #534898
02/15/19 06:09 AM
02/15/19 06:09 AM
Joined: Oct 1999
Posts: 61,702
oregon, spr
Marty Offline OP

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Marty  Offline OP

US Man Pleads Guilty To Bogus Fundraising Scheme For Airport in Belize

In May of 2018, we told you about 48 year old US Investment Fund Manager Brent Borland after he was charged in the US with multiple counts of securities fraud. The US Department of Justice accused him of tricking investors to front 21.9 million dollars in bridge financing for an International Airport project in Placencia.

Well, yesterday, Borland pleaded guilty to running the multi million dollar fraud where "he falsely told dozens of investors their money was being used to build an international airport in Belize." the U.S. Department of Justice said. According to the Reuters news service, he pleaded to one count each of securities fraud, wire fraud and conspiracy before a U.S. District Judge in Manhattan. The fraud counts each carry a maximum 20-year prison term.

Borland promised double-digit rates of return to investors in this mythical Placencia airport, and we looked deeper into the documenters last year. Here's a repeat of our report from May of 2018.

Jules Vasquez reporting
The only time we saw the Placencia Airport in use was in December of 2014 when a SICA Summit was held in Belize.

But, this man - Brent Borland - seen here at what looks to be the very same airport - was using it as an investment package.

He told investors that his Placencia Group had invested 24 million dollars into the project and was getting a loan for 45 million dollars more to finish the project. The pitch was that this airport will have two 12,000 foot runaways to bring in flights from as far as Asia along with an export free zone.

But they hadn't gotten the money yet and needed from investors what he called bridge financing until they did. High yield short term bridge financing secured with supposedly real, high value properties in Placencia.

Borland was a principal at Borland Capital Group, and this court compliant from the securities and exchange commission says that he raised 21.9 million US dollars with that pitch.

But the Securities and Exchange Commission says he spent at least 6 million dollars of it on a lavish lifestyle in Florida - buying a 140 thousand dollars SUV, paying off his wife's 2.7 million dollar credit card debt, among many other luxuries.

Borland raised the money through the Florida based company called the Belize Infrastructure fund.

The pledged properties in Placencia are owned by the Mayan Estate group. You can see on this pledge document where the well-known peninsula developer Marco Caruso co-signed one of the pledges.

As the complaint notes though the same property, Placencia north block 36 parcel 2169, lots 84 and l32 were pledged for security for at least 10 investors and every time he gave it a different value - as low as 200 thousand US dollars or as high as two million dollars.

Now, how much - of any of the money did go into this airport? Investigators say he diverted at least 30% of the funds for personal use. Whether any long term financing was ever on the horizon is still unknown as the investment languishes.

Borland's scheme ran from 2014 to March 2018, and all of his known investors lost money. Borland's sentencing is scheduled for June 21.

It is notable that his local partner was neither sanction nor charged.

Channel 7



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