The Securities and Exchange Commission (SEC) last week began administrative proceedings against California attorney David Tamman for allegedly altering real estate investment documents to cover the actual destination of the funds. Mr. Tamman is accused of altering private placement memoranda, or PPMs, used in the sale of securities issued by NewPoint Financial Services. According to the SEC allegations, funds that were supposed to go to real estate ventures, went to NewPoint's principal John Farahi in the form of loans.
Mr. Tamman is accused of adding language to the PPMs which was not disclosed in the PPMs given to investors.
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