Bay Area properties tied to fraud-linked builder head to foreclosure

SAN JOSE – Some Bay Area properties owned by a fraud-linked and bankrupt real estate firm have tumbled into foreclosure, raising the specter that investors in the developer’s projects will be wiped out.

The properties are sites where SiliconSage Builders and its principal executive Sanjeev Acharya – targets of fraud accusations levied by the Securities and Exchange Commission – had proposed the development of multiple housing projects.

The SEC claims that Acharya and Silicon Sage have defrauded about 250 people, primarily from the South Asian community, out of at least $ 119 million, according to documents on file with the U.S. District Court in San Francisco.

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