The Real Deal Miami

Firms, founder charged in condo fraud

July 21, 2009 03:33PM

The Securities and Exchange Commission today said it has charged two South Florida companies and their founder with securities fraud for soliciting investors to buy discounted pre-construction condos. Brian Neiman and his companies, the Formula Inc. and the Formula LLC, allegedly made misleading statements to investors about Neiman’s background and did not reveal his criminal record. Neiman has agreed to pay a $40,000 penalty, the SEC said.