A New York Times story that suggests a surge in fraud associated with high-return investment vehicles, including nontraded real estate investment trusts, has been sharply disputed by the industry. "There's simply no 'wave of fraud,' " IPA CEO Kevin Hogan wrote in a letter to the Times. "In fact, we know of no 'finding of fraud' against a person or entity related to a non-listed REIT, [business-development company] or firm that offers private placements."

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