A receiver is moving slowly in a quest to sell the Bay Area properties of a developer who is the central figure in a fraud case whose alleged victims number in the hundreds.
SAN JOSE — A court-appointed receiver is moving slowly in a wide-ranging quest to sell the Bay Area real estate empire of a developer who is the central figure in a fraud case whose alleged victims number in the hundreds.The five transactions generated a combined $14 million in proceeds that could potentially be distributed to investors in projects developed or proposed by fraud-linked developer Sanjeev Acharya and his company Silicon Sage Builders.
The SEC has accused both Acharya and Silicon Sage of an array of fraudulent actions that the federal regulators claim swindled hundreds of investors, many from the South Asian community.
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