DBJ: SEC Seeks Receivership for North Texas Land in Alleged $26 Million Fraud

The U.S. Securities Exchange Commission has asked a federal judge to place hundreds of acres in some of North Texas’ fastest-growing counties for residential construction into receivership pending the unraveling of court proceedings involving land deals that government prosecutors allege are fraudulent.

Dallas real estate developer Tim Barton, president of JMJ Development and CEO of investment firm Carnegie Development, faces federal charges for allegedly bilking more than $26 million from Chinese nationals who were told they were investing in suburban land development deals for housing communities to supposedly be built in Parker, Kaufman, Tarrant and Johnson counties.