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Posted on: December 24, 2013

New Securities Fraud Charges Filed Against Wichita Businessmen

December 24, 2013

Media Contact: Caley Love
Director of Communications

Wichita, KS--- Prosecutors for the Office of the Kansas Securities Commissioner announced that on December 24, 2013, an administrative action was filed against: Sutton MN, LLC; Real Development Corp.; Michael Elzufon and David Lundberg.

The new administrative case was filed as a result of an investigation stemming from the November 7, 2012 Cease and Desist Order filed against the same entities and individuals.

The new action alleges that those entities and individuals violated the Kansas Uniform Securities Act by selling promissory notes to raise capital for various downtown Wichita real estate projects without properly registering the securities. The action also includes allegations that the funds received from investors were to be used to repay the City of Wichita, when in fact those funds were instead diverted to pay back prior investors and for unrelated business expenses.

If you have been approached by these individuals regarding promissory notes, please contact the Office of the Kansas Securities Commissioner at 785-296-3307.


The mission of the Office of the Kansas Securities Commissioner (KSC) is to protect and inform Kansas investors; to promote integrity, fairness, and full disclosure in financial services; and to foster capital formation.

For a PDF copy of the petition, copy and paste this web address into your browser:

Click here for a PDF version of the press release.
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