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Posted on: February 23, 2015

Securities Fraud Charges Filed Against Downtown Wichita Developers

FOR IMMEDIATE RELEASE:
Feb. 23, 2015

Media Contact: Caley Love, Director of Communications
Office of the Kansas Securities Commissioner
Phone: 785-296-3580
caley.love@ksc.ks.gov

Securities Fraud Charges Filed Against Downtown Wichita Developers

Michael Elzufon and David Lundberg have each been charged with 61 felony counts of securities fraud for allegedly employing a fraudulent investment scheme involving the sale of promissory notes for the rehabilitation of downtown Wichita office buildings.

WICHITA, Kan., (Feb. 23, 2015) -- Kansas Securities Commissioner Josh Ney has announced that criminal charges have been filed by his office against Michael Elzufon and David Lundberg in Sedgwick County District Court.

Elzufon and Lundberg were each charged with 61 felony counts under the Kansas Uniform Securities Act for allegedly committing securities fraud and selling unregistered securities. The criminal complaint alleges that Elzufon and Lundberg committed securities fraud by unlawfully employing a scheme to defraud at least one Kansas resident and an additional 59 residents from other states by offering and selling unregistered securities in their various businesses, which they claimed was for the rehabilitation of various downtown Wichita offices. The alleged victim losses currently total over $3.5 million.

Ney urges anyone with information regarding any promissory note or other investment offered by these individuals to contact the Office of the Kansas Securities Commissioner at 785-296-3307.

The violations listed in the complaint are allegations. Elzufon and Lundberg should be presumed innocent until proven guilty.

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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.

To view a PDF of the release, click here.
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