American developer, 51-year-old Brent Borland, accused of leading a years-long, multifaceted scheme to defraud investors out of more than US$26 million, has been sentenced in a Manhattan, New York, USA federal court to 84 months (7 years) in prison. Borland, the owner, and principal of a New York-based investment fund called Belize Infrastructure Fund I LLC (Belize Fund), reportedly lied to investors and encouraged them to invest in constructing an international airport in the Placencia peninsula of southern Belize.
According to Audrey Strauss, the United States Attorney for the Southern District of New York, from 2014 through March 2018, Borland and others solicited and received approximately $26.1 million from about 40 investors based upon representations that he would use the investors' money to construct an airport in Belize. Borland promised investors high rates of return on their investments, which he represented were temporary "bridge financing." He also conveyed to investors that their assets would be fully secured by real property in Belize that was unencumbered by any liens or obligations.
In addition to his prison term, the 51-year-old fraudster, originally from West Palm Beach, Florida, USA, was also sentenced to three years of supervised release and ordered to pay a forfeiture of US$26,584,970. He will also have to reinstitute US$26,184,970.Click here to read the rest of the article in the San Pedro Sun
American Investor, Brent Borland was sentenced to eighty-four months in prison by the Southern District of New York after failing at an airport project in Belize. Borland was charged and pled guilty to conspiring to commit and the commission of securities fraud and wire fraud. It was back in 2014 when Borland began soliciting investors' money to construct an airport in Belize. During a period of four years, Borland was able to collect 26 point one million dollars for the airport construction, using the company name, Belize Infrastructure Fund or Belize Fund. In return for the investments, Borland committed to a high rate of returns along with investment securities via private lots in Belize. Rather than fulfilling those promises to the forty investors, Borland used the millions to fund a plush lifestyle. According to the United States Department of Justice, the monies were spent on his mortgage, credit card bills, luxury cars, private schools for his children and a beach club membership. In addition to his seven-year sentence, Borland will also serve a three-year release under the supervision and has been ordered to pay a forfeiture of just over 26.5 million dollars and restitution of another 26.1 million dollars. Borland, a West Palm Beach resident, was sentenced on October 5 by US District Judge Katherine Polk FaillaLoveFM