UPDATE: On January 19, 2022, the Court vacated its previous Order granting the Receiver’s Motion to Establish and Approve (i) Proof of Claim Form and Claim Bar Date; (ii) Procedure to Administer, Review, and Determine Claims; and (iii) Notice Procedures and Incorporated Memorandum of Law (the “Claims Motion”) given several Responses/Objections that were filed after the Court originally granted the Receiver’s Motion.

Those Responses/Objections are available here and here. The Receiver disagrees with the Responses/Objections and intends to file a Reply in support of the Claims Motion by January 21, 2022.

As a result of the Court’s vacatur of its Order, the Receiver cannot proceed any further with her proposed claims process and thus she has no current timeframe for when she will be able to provide potential claimants with the Proof of Claim Form and Claims Process Instructions. Once the Court issues a ruling on the Claims Motion, the Receiver will update this website and proceed accordingly.


Brief Case Summary

Welcome to the website of the Court-appointed Receiver, Miranda L. Soto. On June 15, 2021, Ms. Soto was appointed as Receiver in a civil enforcement action, styled Securities and Exchange Commission v. Property Income Investors, LLC et al., Case No. 0:21-cv-61176-AHS in the United States District Court for the Southern District of Florida, Fort Lauderdale Division.

This website has been created to provide convenient access to information about the Receivership, including important updates, Court documents, Receiver reports, and other information. As the Receiver’s work progresses, additional information will be added to this website, including information regarding a claims process through which any recovered assets will be distributed, and all forms required by the District Court for participation as a claimant in the distribution process. If you require further information not contained in this website, you may contact us at piireceiver@bipc.com.

On June 7, 2021, the Securities and Exchange Commission (SEC) filed a civil enforcement action in the United States District Court for the Southern District of Florida against defendants Larry Brodman and Anthony Nicolosi (f/ka Anthony Peluso) as well as Property Income Investors, LLC; Equinox Holdings, Inc.; Property Income Investors 26, LLC; Property Income Investors 304, LLC; Property Income Investors 201, LLC; Property Income Investors 3504, LLC; Property Income Investors 1361, LLC; Property Income Investors 4020, LLC; Property Income Investors 9007, LLC; Property Income Investors 417, LLC; Property Income Investors 4450, LLC; and Property Income Investors 3050, LLC (the entities are collectively referred to as the “Receivership Entities”). In their Complaint, the SEC alleged that the Defendant Brodman and the Receivership Entities conducted a number of fraudulent and unregistered securities offerings that collectively raised at least $9 million from over 150 investors located across the United States. Prospective investors were told that the purpose of these offerings was to raise money for the purchase, renovation, and future sale of multifamily residential properties in South Florida. In its Complaint, the SEC also accused Brodman of misappropriating or misusing at least $2.3 million through undisclosed diversions of funds to himself as well as the payment of sales commissions to unlicensed sales agents such as Nicolosi.

On June 15, 2021, the Court entered an Order appointing Miranda L. Soto as Receiver over the Receivership Entities. Ms. Soto is an attorney with the Buchanan Ingersoll & Rooney PC law firm and her bio is available here. In the Order Appointing Receiver, the Court directed the Receiver to (i) administer and manage the business affairs, funds, assets, and any other property of the Receivership Entities; (ii) marshal and safeguard the assets of the Receivership Entities; (iii) investigate the manner in which the affairs of the Receivership Entities were conducted and institute such legal proceedings for the benefit of the Receivership Entities and their investors and creditors as the Receiver deems necessary; (iv) formulate a framework through which assets may be distributed to creditors and investors; and (v) take whatever actions are necessary for the protection of the investors. The Receiver intends to fulfill her duties and responsibilities as efficiently and effectively as possible. The District Court overseeing this Receivership has broad powers and wide discretion to determine the appropriate relief.

In the Order Appointing Receiver, the Court also authorized the Receiver to retain Raquel A. Rodriguez and Jordan D. Maglich as the Receiver’s counsel. Ms. Rodriguez will be serving as Ms. Soto’s lead counsel. The Court subsequently approved the Receiver’s motions to retain various professionals to assist her in fulfilling her duties.

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