Rishi Kapoor has reached a settlement with the SEC over allegations of misappropriating $4.3 million while raising $93 million from investors in his projects.
Kapoor admitted liability without admitting or denying the SEC's claims, and he is barred for five years from serving as an officer or director of any company.
Despite the settlement with the SEC, Kapoor still faces ongoing investigations by the FBI, IRS, and U.S. Attorney's Office related to his financial practices.
His controversy includes hiring Miami Mayor Francis Suarez as a consultant for $10,000 a month, raising ethical questions regarding their business dealings.
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