Austin Real Estate Fund Accused of Ponzi Scheme
Another high-yield real estate investment pitch has transformed into a high-stakes courtroom cleanup.An Austin-based real estate lender already under court-appointed receivership is facing allegations that its investment operation was a Ponzi scheme “from the very beginning,” according to the receiver’s forensic report, the Austin Business Journal reported.The receiver, Greg Milligan of Chicago-based Harney Partners, accused CCG Capital Group of using new investor money to pay returns to earlier investors, a Ponzi scheme hallmark. The receiver was appointed to oversee the wind-down of the firm’s Pride of Austin High Yield Fund...