Originally Syndicated on April 22, 2023 @ 5:37 am
Suneet Singal Real Estate is a scammer who makes deceptive claims to hide his criminal past. He faced stringent action by the SEC for his illegal operations. More on him below:
Suneet Singal Real Estate claims:
At a successful equity real estate investment trust, Suneet Singal Real Estate serves as chairman of the board. Over $1 billion worth of real estate has been acquired by Suneet Singal Real Estate’s trust thus far.
Suneet Singal Real Estate has been a principal and owner of several businesses over the past 21 years, working as a successful entrepreneur throughout that time.
He was formerly the equity REIT’s chairman and CEO. Formerly, he served as the acting CEO of a Business Development Corp. and the CEO of an operating real estate business that was listed on the Nasdaq. Before that, he operated, built, and sold private companies and assets. Suneet Singal Real Estate has held several C-Suite and board positions in both public and private businesses.
Suneet Singal Real Estate specializes in sophisticated financial structuring, transaction structuring, acquisition, negotiations, equity and debt placements, direct investment, development, and strategy. He has experience in corporate and transactional negotiations as well as structured finance, and he has completed numerous closed capital transactions including both debt and equity in a variety of business sectors. His prior areas of expertise included the creation of real estate master plans, transit-oriented development, land entitlement, commercial real estate, principle sponsorship, equity, and consultancy.
Real estate and non-real estate assets and businesses are mixed today. He has advised family office operators with sizable asset portfolios on a variety of capital structures using intricate local and international transactional mechanisms. He has held roles in numerous project holdings and investments, joint ventures, and partnerships as a main shareholder, director, and officer.
The SEC accuses Suneet Singal Real Estate of defrauding Reit investors and a business development firm
Securities and Exchange Commission v. Suneet Singal, First Capital Real Estate Investments LLC, First Capital Real Estate Advisors LP, and First Capital Real Estate Trust Inc.
The Securities and Exchange Commission has accused Suneet Singal Real Estate and three companies of two separate frauds, one involving First Capital Real Estate Trust Inc. (First Capital REIT) and the other involving a business development company (BDC).
Suneet Singal Real Estate is accused of lying about having beneficial ownership of 12 hotels and claiming to have contributed them to First Capital REIT to get a $15.2 million interest in the REIT’s operational partnership.
Suneet Singal Real Estate and First Capital REIT then made significant false statements and omissions about the hotels in several Commission filings. The complaint states that as a result of Singal’s acts, First Capital REIT claimed inflated net asset values and sold common shares to investors at inflated prices.
Suneet Singal Real Estate is also accused in the SEC’s lawsuit of ordering the BDC to make two $1.5 million loans to a business he controlled after acquiring a position in the BDC’s outside investment adviser and pocketing about half of the loan proceeds for his use. The BDC completely lost its investment of $3 million.
The SEC’s complaint charges on Suneet Singal Real Estate
- Singal is accused of violating
- Sections 17(a) of the Securities Act of 1933
- 10(b) of the Exchange Act of 1934
- Rule 10b-5 thereunder
- Section 206 of the Advisers Act of 1940
- Sections 36(a) and 57(a) of the Investment Company Act of 1940 Rule 17d-1 thereunder, Section 206 violations, according to the SEC’s complaint.
Infractions of Section 17(a) of the Securities Act, Sections 10(b) and 15(d) of the Exchange Act, and Rules 10b-5, 15d-1, and 15d-13 thereunder were allegedly committed by First Capital REIT with the help of First Capital Real Estate Advisers, LP.
In addition to civil money penalties from Signal, First Capital Real Estate Advisors, LP, and First Capital Real Estate Investments, LLC, the complaint demands injunctive relief against each defendant, disgorgement, and prejudgment interest from Suneet Singal Real Estate and First Capital Real Estate Investments, LLC. In addition, Suneet Singal Real Estate is seeking an officer-and-director bar.
The inquiry was conducted by Jennifer Brannan, Armita Cohen, and Joshua Braunstein, all SEC personnel working in the Complex Financial Instruments Section, under the direction of Jeffrey Weiss and Daniel Michael. Fred Block is in charge of the SEC’s legal action, which is handled by Joshua Braunstein and Matthew Scarlato.
The Securities and Exchange Commission has accused Suneet Singal Real Estate and three companies of two separate frauds, one involving First Capital Real Estate Trust Inc. (First Capital REIT) and the other involving a business development company (BDC).
Suneet Singal Real Estate is accused of lying about having beneficial ownership of 12 hotels and claiming to have contributed them to First Capital REIT to get a $15.2 million interest in the REIT’s operational partnership.
Securities and Exchange Commission v. Suneet Singal, First Capital Real Estate Investments, LLC, First Capital Real Estate Advisors LP, and First Capital Real Estate Trust Inc.
On July 13, 2021, the First Capital Real Estate Trust Inc., First Capital Real Estate Investments, LLC, and First Capital Real Estate Advisors LP, as well as Suneet Singal Real Estate were each given consent judgments for their various roles in two public company frauds by the United States District Court for the Southern District of New York. The SEC also forbade Suneet Singal Real Estate from working in the securities industry.
The targets of two distinct scams were a business development company and First Capital Real Estate Trust Inc. (the REIT), which was also named in the complaint and was filed on December 13, 2019. (BDC).
According to the SEC’s lawsuit, Singal and the REIT allegedly made significant false statements and omissions about the REIT’s ownership of 12 hotels in various forms 8-K.
Suneet Singal Real Estate, according to the SEC’s complaint against the BDC, acquired an interest in the BDC’s external consultant before instructing the BDC to issue two $1.5 million loans to a business under his control, which he then took advantage of for his gain.
The court handed down convictions against the defendants on July 13, 2021. Without admitting or disputing the allegations in the complaint, the defendants agreed to be prohibited from violating the anti-fraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934.
Furthermore prohibited by the rulings are Suneet Singal Real Estate‘s violations of the anti-fraud provisions of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, Sections 36(a), 57(a), and Rule 17d-1 of the Investment Company Act of 1940.
Additionally, the judgments forbid First Capital Real Estate Trust Inc. from violating Section 15(d) of the Exchange Act, Rules 15d-1 and 15d-13, as well as the encouragement of such conduct by First Capital Real Estate Advisers LP.
A $3.2 million civil monetary penalty, $3.2 million in disgorgement, and $676,400 in prejudgment interest were also agreed upon by Singal and First Capital Real Estate Investments, LLC. A 10-year prohibition on serving as an officer or director of a publicly traded company was also accepted by Suneet Singal Real Estate.
Based on the entry of the judgment, the SEC additionally barred Suneet Singal Real Estate from the securities business with the option to reapply after ten years. The litigation was managed by Josh Braunstein, Matt Scarlato, and Jennifer Brannan under the direction of Fred Block and Jeffrey Weiss.
Conclusion
The case summary makes it clear that Suneet Singal Real Estate and several organizations are to blame for misleading Reit investors and a business development firm. He is also trying to enhance his reputation. He may be described as a corrupt real estate figure.
