(HedgeCo.Net) The Securities and Exchange Commission has announced charges against Princeton Alternative Funding LLC (PAF), Microbilt Corporation, Philip N. Burgess, Jr., Microbilt CEO Walter Wojciechowski, and PAF CEO John Cook, Jr. for fraudulently raising over $73 million from investors through multiple false and misleading statements.

According to the SEC’s complaint, from March 2015 through February 2017, Defendants solicited investors to buy limited partnership interests in Princeton Alternative Income Fund, LP (PAIF), by: (1) misrepresenting and actively concealing the role of Burgess, a convicted felon, in the management of PAF; (2) making materially false statements about the ability of PAF and Microbilt to monitor PAIF’s investments in real time; (3) making materially false statements about the selection process for PAIF’s investments; and (4) making materially false and misleading statements about PAIF’s largest investor.

The SEC’s complaint charges the defendants with violations of the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The complaint also charges Microbilt, Burgess, and Wojciechowski with aiding and abetting PAF’s and Cook’s violations. The SEC seeks permanent injunctions against all defendants, conduct-based injunctions against Burgess, Wojciechowski, and Cook, and civil money penalties against Microbilt, Burgess, Wojciechowski, and Cook.