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Violation Tracker Individual Record

Company: Summitcrest Capital, Inc.
Penalty: $23,181,761
Year: 2023
Date: July 28, 2023
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: The SEC brought and settled charges against Summitcrest Capital, Inc. and its principals for conducting an offering fraud through their real estate investment fund, SC Development Fund, LLC. SC Development Fund raised approximately $19.8 million from about 30 investors in the United States and China between February 2018 and November 2019. SC Development Fund filed for bankruptcy in July 2020 and is now defunct.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.