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January 23, 2017

Posted  February 21, 2017

The SEC announced fraud charges and an emergency asset freeze obtained against Dwayne Edwards, a South Carolina businessman accused of siphoning funds he raised from investors for the stated purpose of purchasing or renovating senior housing facilities.  The SEC alleges that Edwards improperly commingled money from several different municipal bond offerings and the revenues of the facilities underlying the offerings.  The offerings were each supposed to finance a particular assisted living or memory care facility in Georgia or Alabama.  From the commingled funds, Edwards allegedly diverted investor money for personal use as well as to finance other unrelated bond offerings.  The SEC’s company also charges Edwards’ former business partner Todd Barker who agreed to a bifurcated settlement with monetary sanctions to be determined at a later date.  SEC

Tagged in: Financial and Investment Fraud,