Christopher Brogdon – SEC Files Complaint | Goodman & Nekvasil P.A. May Recover Investor Losses
Securities and Exchange Commission Files Complaint Against Christopher Brogdon
ACCORDING TO THE SEC:
Plaintiff Securities and Exchange Commission (the “Commission”), for its Complaint against Defendant Christopher Freeman Brogdon, and Relief Defendants Connie Brogdon, Tygh Brogdon, Brogdon Family LLC, Gordon Jensen Healthcare Association, Inc., JRT Group Properties, LLC, Mobama Nursing, LLC, National Assistance Bureau, Inc., Saint Simons Healthcare, LLC , and Winter Haven Homes, Inc. (the “Relief Defendants”), alleges as follows:
The Commission brings this emergency action to halt ongoing fraudulent conduct by Christopher Brogdon (“Brogdon” or “Defendant”) in connection with his business of purchasing, constructing, renovating, leasing, managing and selling nursing homes, assisted living facilities, and retirement housing (together, the “Facilities”). Since 1992, Brogdon has raised over $190 million for these projects through 54 conduit municipal bond and private placement offerings (the “Brogdon Offerings”). Brogdon has conducted his fraud, as described below, through at least 43 entities he owns or controls (together, the “Brogdon Entities”).
The Brogdon Entities Are: Arcadia Partners, LLC; Attalla Nursing ADK, LLC; Bama Oaks Retirement, LLC; Bleckley NH LLC; Cedala, LLC; Chattahoochee Nursing, LLC; Chelsea Investments, LLC; Chestnut Independent Living, LLC; Chulio Assisted Living, LLC; Coosa Nursing ADK, LLC; Country Club Road ALF, LLC; Eaglewood Property Holdings, LLC; Edwards Redeemer Property Holdings, LLC; Golden Monroe, LLC; Goodwill Healthcare & Rehab, LLC; Gordon Jensen Healthcare Association, Inc.; Green Street LLC; Greene County Health Care, LLC; Harrah Whites Meadows Nursing, LLC; High Street Nursing, LLC; Highlands Assisted Living, LLC; MCL Nursing, LLC; Meeker North Dawson Nursing, LLC; Knollwood NH LLC; Limestone Assisted Living, LLC; LV Medical Properties III, LLC; Mobama Nursing, LLC; Morris Landing, LLC; National Assistance Bureau, Inc.; Oak Partners Two, LLC; Oklahoma Operating LLC; PHNH LLC; Polo Road Assisted Living, LLC; Ridgeview Assisted Living, LLC; Riverchase Village ADK, LLC; Saint Simons Healthcare, LLC; Senior Care, Inc.; Southeastern Cottages, Inc.; Southern Tulsa, LLC; Veranda ALF, LLC; Water Oaks Partners, LLC; Waters of Scottsburg II, LLC; and Winter Haven Homes, Inc. The Brogdon Entities are entities that serve as the borrowers, issuers or guarantors of the Brogdon Offerings or that operate or manage the Facilities.
Instead of using investor proceeds from a particular Brogdon Offering for the Facility or project that was the subject of the offering, Brogdon secretly diverted a portion of the proceeds to either pay for his and his wife’s lavish lifestyles or to prop up his entire business enterprise, which included other Facilities, restaurants, and commercial real estate holdings. He did this, in part, by instructing his bookkeepers to commingle, in a handful of master accounts he controlled, the working capital for the Facility or project that was the subject of the offering with the funds from his various other businesses. He then used the commingled funds to pay whatever expenses were due.
Brogdon also misappropriated the revenues received from the Facilities. Instead of using those revenues to make required payments to investors as he had represented in the offering documents, Brogdon commingled these revenues with other funds and used them for other purposes, including to pay investors in unrelated Brogdon Offerings, to pay unrelated business expenses and to pay himself and his wife.
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