SEC v. International Realty Holdings, Inc., et al.

SEC Complaint against International Realty Holdings, Inc., et al.


According to the SEC's complaint, International Realty Holdings, Inc., Ottoniel Medrano (a prison guard at California City Correctional Center), and Leticia Isabel Medrano have raised hundreds of thousands of dollars from investors through a preferred stock offering. They defrauded investors by falsely claiming that Warren Buffett is IRH's "Honorary Chairman."

IRH represented to investors that it is a private real estateinvestment trust that owns at least fifteen real properties throughout Asia. IRH promises annual returns of 10%-15% from IRH's investment in these foreign real estate properties.

However, at least ten of the properties it claims to own appear to be owned by Starhill Global REIT, a company listed on the Singapore Stock Exchange that is not associated with IRH.

After obtaining money from investors, the Medranos transferred funds to offshore bank accounts.

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Reference Info:Pleadings | Federal, 9th Circuit, California | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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