Lawyer who ran real estate fund that built homes in 5 states liable for fraud

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A jury found Todd Duckson, a Minneapolis lawyer who ran a locally based real estate investment fund, liable on three claims brought by the U.S. Securities and Exchange Commission. Two of the claims dealt with securities fraud, the third with “aiding and abetting.”

The fund raised $21.6 million from 450 investors from around the U.S. and was used to bankroll a developer who built homes, townhouses and other properties in five states. The SEC alleged that Duckson misled investors and continued to market the fund after it began tanking when the housing market crashed.

Source: Minneapolis Star Tribune