BOSTON—A Sudbury man has been accused of raising at least $1.6 million for a fictitious real estate investment fund and spending most of the money on himself.
Federal prosecutors on Wednesday criminally charged Stephen L. Hochberg with wire fraud and securities fraud.
Hochberg also faces civil complaints from Massachusetts Secretary of State William Galvin and the Securities and Exchange Commission, which allege securities violations.
Investigators say Hochberg solicited seven investors to turn over at least $1.6 million for a fund called Realty Funding LLC.
Authorities say the venture didn't exist. They say Hochberg used the money primarily for personal expenses, including paying off credit cards and hiring clowns and jugglers.
Hochberg's attorney, Paul Andrews, declined comment. A phone message seeking comment from Hochberg wasn't returned.
