Newport Beach Real Estate Crowdfunding Company Charged with Operating a Ponzi Scheme

On October 28th, 2021, the SEC announced charges against California-based real estate firm  BNZ, alongside co-founders Brett Barber and Louis Zimmerle in relation to the fraudulent raising of $13.5 million in funds from a pool of more than 100 retail investors. According to the complaint filed with the U.S. District Court for the Central District of California, BNZ, at the direction of Barber and Zimmerle made false representations to investors about both the nature of their business activities and the prospective returns, sometimes up to 10% annually, from investments made in supposed real estate projects.

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Judith Brower
Judith Brower(@judithbrower)
2 months ago

Naturally, they’re from Newport Beach. So embarrassing!