Industry News

SEC charges N.Y. real estate firms with fraud

Companies accused of cheating investors out of $15 million

The Securities and Exchange Commission is moving to freeze the assets of several real estate investment companies, claiming they cheated 275 investors out of at least $15 million. An SEC complaint filed in the Western District of New York charges Edward "Ted" Tackaberry, Mark Palazzo and real estate investment companies including Pittsford Capital LLC, Pittsford Capital Mortgage Partners LLC and Pittsford Capital Group Inc., with making fraudulent solicitations and misappropriating investor funds. The SEC also named Michael Latini, Communicate Wireless LLC and Monroe Wireless LLC as defendants. The complaint alleges that Tackaberry and Palazzo engaged in a fraudulent scheme, deceiving investors -- many of whom were senior citizens -- about how their money was being used. The defendants allegedly concealed transfers of large sums, including a $2.4 million payment to Communicate Wireless LLC, an entity that Tackaberry and Palazzo had an interest in. The SEC charges the two failed to d...