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Iowa Legal News | Cedar Rapids Lawsuit News

Radio Host Accused of Defrauding Real Estate Investors


Posted on Oct 13, 2010

The Securities and Exchange Commission (SEC) has accused Barbra Alexander, the former president of APS Funding and host of an internationally-syndicated radio show for entrepreneurs called MoneyDots of consumer fraud in misappropriating $2.5 million from investors who thought their money would be used to fund short-term loans secured by real estate. Marc J. Fagel, director of the  San Francisco regional office of the SEC, said that “Alexander led investors to believe she would invest their money in secured real estate financing, but she and her cohorts merely used the money for their own benefit," including using $200,000 of investor funds to remodel her kitchen. Alexander and APS Funding claimed the funds would make short-term secured loans to homeowners and yield 12 percent annual returns to investors. The SEC complaint alleges that Alexander and her associates diverted $1.2 million of the money to themselves for their own  personal use, and $1.3 million to finance other businesses woned by Alexander. The SEC's complaint charges them with violating the antifraud provisions of the federal securities laws and selling unregistered securities.

Attorneys at Brady & O'Shea have brought similar consumer fraud claims in Iowa and throughout the United States against investment and financial advisors. If you have been the victim of an investment fraud, contact us.

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