On August 30th we ran a story by Greg Saitz about Wayne Puff and NJ Affordable Homes which the SEC shutdown as being a Ponzi scheme. Mr. Saitz reports that in an attempt to raise money, last weekend there was an auction to liquidate the company’s assets: some 205 properties. The trustee held the 3-day auction and raised $20 million dollars well short of the $40 million dollars 500 investors sank into the company. Once the bankruptcy judge approves the sale and the various fees and liens paid, the trustee wants to split the money equally among the investors.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Bankruptcy, Auctions, Investments
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