The federal government accused one of the nation’s largest landlords of running a “Ponzi scheme-like” effort using cash from small investors and of misleading banks to obtain bigger loans by using fake loan documents. The Securities and Exchange Commission filed civil charges against Robert C. Morgan, who amassed an empire of more than 140 properties and 34,000 units across 14 states, according to the website of his firm, Morgan Management. On Wednesday, the Justice Department also unveiled criminal charges accusing Mr. Morgan...

Source: Wall Street Journal May 22, 2019 20:11 UTC