UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Idaho State Regional Center
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vs. | SEROFIM MUROFF, BLACKHAWK MANAGER, LLC, ISR CAPITAL, LLC, EQUITY RECAP ACCOUNT, LLC and DEBRA L. RIDDLE |
Filing Date:April 28, 2017
Case:Securities and Exchange Commission Vs. Idaho State Regional Center
Jurisdiction:Federal District Court for the District of Idaho
Status:Pending
Civil / Criminal:Civil
Fraud
Although Muroff invested some of the money raised through the Funds for the purposes described in the offering materials—a real estate development and gold mining ventures—Muroff, through Blackhawk Manager and ISR Capital, misappropriated and misused investor funds from both offerings. Muroff used a total of approximately $5 million for personal purposes, including $1.1 million to purchase two residential properties, $423,000 to invest in a zip line operation in Washington state, $47,000 to purchase a Range Rover, $40,000 to purchase a BMW, and $97,000 for personal living expenses. He engaged in a series of acts designed to hide his misappropriation from both investors and USCIS, including secretly using investor funds to purchase the real estate and mining assets for himself and then “selling” them back to investors at an inflated price so he could pocket the profit.
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