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Developer Settles SEC Fraud Case

NEVADA – As reported by the Bloomberg: "A Palm Springs real estate developer will pay $40,000 to settle federal allegations he defrauded investors who had purchased $12.75 million worth of municipal bonds to finance a Nevada casino.

"Mark A. Temple, co-owner of Mojave Valley Resort Inc., was the developer of a casino and housing project on land owned near Laughlin by the Fort Mojave Indian Tribe. The U.S. Securities and Exchange Commission claims Temple sold $12.75 million worth of municipal bonds to help finance the project and told investors the bonds were secured by a deed of trust on Mojave's lease of the tribe's property.

"In fact, the tribe and the U.S. Bureau of Indian Affairs never approved the deeds securing the bonds, the SEC said. When Temple defaulted on his lease by failing to finish the casino in 2002, Temple disclosed to investors that the bonds were not secure, according to the commission…"

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