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american realty funds corp (ANFD) Details

American Realty Funds Corporation, a development stage company, purchases, renovates, leases, and resells residential real estate properties in the United States. As of June 27, 2012, it owned 52 residential real estate properties in the State of Michigan. The company was founded in 2010 and is headquartered in Bay City, Michigan.

2 Employees
Last Reported Date: 08/13/12
Founded in 2010

american realty funds corp (ANFD) Top Compensated Officers

Chairman, Chief Executive Officer, President,...
Total Annual Compensation: --
Compensation as of Fiscal Year 2014.

american realty funds corp (ANFD) Key Developments

American Realty Funds Corporation Announces Termination of McConnell & Jones LLP as Independent Registered Public Accounting Firm

On November 24, 2012, McConnell & Jones LLP notified American Realty Funds Corporation that they terminated their engagement, effective on that date, as the company's independent registered public accounting firm and to audit the June 30, 2012 balance sheet and the related statements of operations, stockholder's equity, and cash flows for the year then ended.

Securities and Exchange Commission Commences Action Against American Realty Funds Corporation

The Securities and Exchange Commission has commenced an action against American Realty Funds Corporation and others in the United States District Court, Eastern District of Michigan. According to the SEC's complaint, Joel I. Wilson defrauded investors who bought unregistered securities offered by his company, Diversified Group Partnership Management, LLC, and sold through his brokerage firm, W R Rice Financial Services Inc. Wilson raised approximately $6.7 million from approximately 120 investors who bought Diversified Group's securities from September 2009 through October 2012, and used the funds to finance his business of buying, renovating, and selling houses in and around Bay City. The SEC alleges that although Wilson promised investors that he would invest their money in real estate that would yield returns of 9.9% per year, he used most of it to make unsecured loans to his real estate business, which did not generate enough income to repay the investors. Wilson also diverted $582,000 of investor money to pay personal expenses, including $75,000 he used to buy W R Rice Financial, $46,780 he spent on travel, and $35,000 for his wife's business. In addition, the SEC said Wilson used investors' money to pay for a sponsorship and tickets to the Saginaw Sting football team and to buy thousands of dollars worth of tickets to the Detroit Red Wings. The SEC alleges that Wilson raised additional funds for his real estate business through stock sales for another of his companies, American Realty Funds Corporation, which trades on the OTC Bulletin Board under the symbol ANFDE. The complaint alleges that there were misrepresentations and omissions in some of the reports the company filed with the SEC, which Wilson signed, including that American Realty has failed to make loan payments and that its purportedly independent directors have undisclosed personal and business relationships with Wilson. American Realty is delinquent in filing its annual report on Form 10-K for the fiscal year ended June 30, 2012, which was due October 15, and its quarterly report on Form 10-Q for the quarter ended September 30, which was due on November 14. Because of the questions concerning the accuracy of publicly disseminated information in the company's public filings and financial statements, the SEC issued an administrative order suspending trading in American Realty stock until 11:59 p.m. EDT on November 29, 2012. The SEC's complaint, filed on November 15, 2012 charges Wilson and Diversified Group with violations of the registration and antifraud provisions of the federal securities laws and American Realty with violations of the antifraud and reporting provisions of the federal securities laws. The Court granted the SEC's request for an order prohibiting the defendants from altering or destroying documents and an order granting the parties leave to conduct expedited discovery. The Court scheduled a hearing on the SEC's motions for an asset freeze and preliminary injunction for December 10, 2012, at 10:00 a.m. at the U.S. District courthouse located at 1000 Washington Ave. in Bay City, Michigan.

American Realty Funds To Be Deleted From OTCBB

The common stock of American Realty Funds Corporation will be deleted from OTC Bulletin Board (OTCBB) effective November 19, 2012 on account of failure to comply with NASD 6530. The stock will be added to NBB.


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