A Manhattan federal court has sentenced Brent Borland, the owner and principal of a New York-based investment fund known as Belize Infrastructure Fund I LLC, to 84 months in prison for orchestrating a $26 million investment fraud scheme against dozens of investors.
According to the U.S. Attorney for the Southern District of New York, Audrey Strauss, Borland led a years-long, multifaceted scheme to bilk victims out of more than $26 million.
Borland, 51, of West Palm Beach, Florida, was sentenced to three years of supervised release and ordered to pay forfeiture of $26,584,970 and restitution of $26,184,970.
The scheme, which took place from 2014 through March 2018, involved soliciting and receiving approximately $26.1 million from approximately 40 investors based upon representations that he would use the investors’ money to construct an airport in Belize.
Borland promised investors high rates of return on their investments, which he represented were temporary “bridge financing.” However, he misappropriated millions of dollars of investors’ funds and used those funds for his own personal benefit.
The U.S. Postal Inspection Service and the Securities and Exchange Commission were involved in the investigation and prosecution of the case.
The case is being handled by the Office’s Securities and Commodities Fraud Task Force, with Assistant U.S. Attorneys Negar Tekeei and Edward Imperatore in charge of the prosecution.
Borland pleaded guilty in February 2019 to conspiring to commit, and the commission of, securities fraud and wire fraud.
The Manhattan U.S. Attorney Audrey Strauss praised the investigative work of the U.S. Postal Inspection Service and thanked the Securities and Exchange Commission for their assistance in the case.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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