Brent Borland, 48, a principal at Borland Capital Group, has pleaded guilty to ripping off dozens of investors to the tune of $21.9 million.
As per a statement from the U.S. Department of Justice, Brent Borland, 48, a NY-based investment manager has pleaded guilty to running a $21.9 million fraud in which he falsely told dozens of investors that their money was being used to build an international airport in Belize.
Borland who is a principal at Borland Capital Group has guilty to count each of securities fraud, wire fraud and conspiracy before U.S. District Judge Katherine Polk Failla in Manhattan, said the statement from the Justice Department.
Each count of fraud carries a 20-year prison term.
A federal public defender representing Borland did not immediately respond to a request for comment.
According to prosecutors, Borland had promised double-digit rates of return for providing “bridge” financing for the airport in Placencia, Belize. However, he had diverted the nearly $6 million fund to himself and his family for expenses which included mortgage payments on a Florida mansion, a Mercedes-Benz SUV, private school tuition for his children, a beach club membership, among others.
Borland’s scheme ran from 2014 to March 2018. All of his known investors lost money.
Borland was criminally charged in May 2018. He is scheduled for sentencing on June 21, 2019.
The case is U.S. v. Borland, U.S. District Court, Southern District of New York, No. 18-cr-00487.