This update identifies the offerings potentially impacted by the SEC’s allegations of improprieties by Christopher Brogdon who, according to the SEC, fraudulently raised $190 million from investors in 54 conduit municipal bond and private placement offerings, through entities associated with Brogdon. The offerings potentially impacted are:
- Bleckley-Cochran Development Authority First Mortgage Healthcare Facility Revenue Bonds 2013ABC/Bleckley-Bryant
- Crisp-Dooly JT Development Authority First Mortgage Healthcare Facility Revenue Bonds 2013ABC/ Pine Hill
- City of Sumner Illinois Healthcare Facility Revenue Bonds 2002/Pine Lawn Manor/Red Hills Healthcare Center
- The Medical Clinic Board City of Mobile (Second) First Mortgage Healthcare Facility Revenue Bonds 2012A&B Mobile I/BAMA Oaks & Gordon Oaks
- The Medical Clinic Board of the City of Mobile (Second) First Mortgage Healthcare Facility Revenue Bonds 2012A&B Mobile II/BAMA Oaks & Gordon Oaks
- The Medical Clinic Board of the City of Mobile (Second) First Mortgage Healthcare Facility Revenue Bonds 2013A&B Mobile III/Knollwood
- Thomaston-Upson Co Industrial Development Authority First Mortgage Healthcare Facility Revenue Bonds 2013A&B/Providence
- Liberty County Industrial Development First Mortgage Revenue Bonds 1992A&B/Liberty Manor/Midway
- Toombs County Development Authority First Mortgage Revenue Bonds 1997A&B/Summers Landing/Vidalia
- Tulsa Co Industrial Authority First Mortgage Revenue Bonds 2014A&B/Southern Tulsa
- The Medical Clinic Board of Hoover First Mortgage Healthcare Facility Revenue Bonds 2010A&B/Riverchase Village
- City of Springfield, Ohio First Mortgage Revenue Bonds 2012A&B/Springfield – Eaglewood
- 2011 Certificate of Participation in $2,150,000 Development Authority of Clayton County, Georgia First Mortgage Revenue Bonds (Senior Care Group, Inc.-Bayberry Trace Project) Series 1999A (Clayton IV)
- Series 2013 Certificate of Participation in $1,750,000 Development Authority of Clayton Co Georgia Revenue Bonds (Senior Care Group, Inc.- Bayberry Trace Project Series 1999A) & $1,000,000 Savannah Economic Development Authority Sub Mortgage Healthcare Facility Revenue Bonds 1999A & Bonds (Shadowmoss to Shawnee Rose Care Center Exchange) (Clayton V)
- Development Authority of Bibb Co Healthcare Facility Revenue Bonds 2000/Hartley Woods Health Care Center
The entities involved in the action by the SEC against Christopher Brogdon include: 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.
This will also update investors on the status of the SEC action. On December 23, 2013, the SEC on one hand, and defendant Christopher Brogdon and relief defendant Connie Brogdon on the other, submitted a proposed settlement to the U.S. District Court as to defendant and relief defendant only. Under the proposed settlement, the Brogdon is required to redeem all outstanding municipal bonds and preferred securities issued by entities related to him and to repay investors any ill-gotten gains. Under the proposed terms, if Brogdon is unable to obtain financing, he must liquidate assets.
In light of the substantial defaults, there remains a substantial question whether Brogdon can pay a meaningful portion of investor losses, if any. Our goal is to supplement any investor recovery from the SEC action. The proposed settlement still requires court approval.
The Peiffer Wolf Carr & Kane Lawyers Preparing to Assist Investors
The Peiffer Wolf Carr & Kane lawyers have been contacted by Brogdon investors and are preparing to take action and seek compensation for their investments. Their goal is to supplement whatever recovery – if any – may be available through the SEC action, by suing certain third-party entities that, their research indicates, may be held liable for investor losses.
The Peiffer Wolf Carr & Kane lawyers take cases of this type on a contingency fee basis, advance the case expenses, and only get paid for their fees and expenses if and when they recovery money for their clients. Investors in the Chris Brogdon-controlled entities mentioned above may contact the Peiffer Wolf Carr & Kane lawyers Jason Kane or James Booker for a free, no-obligation evaluation of their recovery options at 216-589-9280, via email at email@example.com, or through the contact form on this website.