A
2013 $8.9 MILLION BOND DEAL FOR PROVIDENCE HEALTH AND
REHABITATION CENTER BY THE THOMASTON UPSON DEVELOPMENT
AUTHORITY IS ONE OF 13 DEALS UNDER COURT ORDER BY THE
U.S. SECURITIES AND EXCHANGE COMMISSION—AN ORDER FOR
NATIONAL NURSING HOME KINGPIN CHRISTOPHER BROGDON OF
ATLANTA TO PAY INVESTORS $89 MILLION IN INTEREST AND
PRINCIPAL OWED .
ACCORDING
TO A STORY IN SUNDAY'S AJC—IN A FEDERAL CASE BROGDON
IS ACCUSED OF FUNDING HIS LIFESTYLE THROUGH FRAUD BY DUPING
INVESTORS WHO BOUGHT HIS BONDS.
IN
ADDITION TO BEING A NATIONAL PLAYER IN THE NURSING HOME
AND ASSISTED LIVING BUSINESS—BROGDON IS OWNER OF THE J.
CHRISTOPHER'S RESTAURANT CHAIN.
THE
THOMASTON-UPSON IDA ISSUED CONDUIT BONDS FOR IMPROVEMENTS
TO PROVIDENCE HEALTH AND REHABITATION, BONDS THAT WERE NOT
BACKED BY THE IDA OR LOCAL GOVERNMENT BUT ALLOWED BRODGDON
TO SEEK FINANCING FROM OTHER SOURCES.
THE
SECURITIES AND EXCHANGE COMMISSION SAID BROGDON DECEIVED
INVESTORS, CO-MINGLING MONEY THAT WAS SUPPOSED TO BE
DEDICATED TO SPECIFIC PROJECTS AND DIVERTING FUNDS TO OTHER
BUSINESS VENTURES AND FAMILY ACCOUNTS.
BROGDON
AND HIS WIFE CONNIE LIVE THE GOOD LIFE—THEY OWN A $5
MILLION CONDO IN BUCKHEAD AND A $2 MILLION BEACH
HOUSE IN ST. SIMONS ISLAND PLUS A PRIVATE PLANE WORTH $1.5
MILLION.
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