SEC accuses Atlanta nursing home exec of fraud

The Securities and Exchange Commission filed suit Friday against an Atlanta area operator and developer of nursing homes claiming he defrauded investors.

200016_Canada_Dollar_PCH109Christopher F. Brogdon is accused of misappropriating millions of dollars of investor funds, co-mingling assets and using investor cash from bond offerings for his personal expenses and to fund other businesses, according to a lawsuit filed in U.S. District Court in Newark, N.J.

Brogdon was involved in dozens of bond offerings since 1992, raising more than $190 million to help develop, buy, renovate and manage nursing homes and assisted living facilities.

The SEC claims Brogdon started co-mingling investment funds in as early as 2000, and he did not disclose the true uses of money he raised from investors and concealed the financial performance of the facilities tied to the bond offerings.

An attorney for Brogdon didn’t immediately respond to a message seeking comment.

Click here to read more about the case.

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