A Vancouver, B.C., judge sentenced a city real estate developer, Michael J. Knight, to one year in prison for allegedly bilking investors in a condominium scam and breaking real estate and securities laws. Knight took in millions, at $100,000 per investor, for the 2006 development of green-technology condos, but only one-third of the project was built, and investors lost all or part of their money during the 2008 recession, according to the judge. Knight, who was banned from trading in securities or providing real estate services prior to seeking investments in the condo project, tried unsuccessfully to convince the court that his investors were fellow developers and that the condos were not securities.
By Kim Slowey
Read the full article at Construction Dive.
