SEC charges North Texas brothers in real estate fraud

SEC Litigation Releases

Filed February 18th, 2026

Detected February 20th, 2026

Summary

The SEC has charged two brothers and their companies in North Texas for allegedly conducting a real estate offering fraud, raising over $12 million through misrepresentations. The SEC seeks permanent injunctions, disgorgement, and civil penalties.

View original document View source feed page

What changed

The Securities and Exchange Commission (SEC) has filed charges against Saumil Thakkar, Poorvesh Thakkar, and two companies they control, PASMAA GP Investment Fund Manager, LLC, and Perfect Group Holdings, LLC, in the U.S. District Court for the Eastern District of Texas. The SEC alleges that the defendants defrauded investors out of more than $12 million by making material misrepresentations in offering materials, emails, and verbal solicitations concerning a real estate investment fund. Specific allegations include misstating project costs, the status of properties under contract, and pre-leasing arrangements, as well as misrepresenting the Thakkar family's investment and failing to disclose related-party agreements.

The SEC is seeking permanent injunctions against all defendants, disgorgement of ill-gotten gains with prejudgment interest against the Thakkars and PASMAA, and civil penalties against Saumil Thakkar and PASMAA. Additionally, the SEC seeks conduct-based injunctions to bar the Thakkars from participating in the issuance, purchase, offer, or sale of securities, except for their personal accounts. This action highlights the SEC's continued focus on investment fraud and the importance of accurate disclosures in private fund offerings. Regulated entities involved in similar investment activities should review their offering documents and solicitation practices to ensure compliance with antifraud provisions.

Source document (simplified)

Saumil Thakkar, Poorvesh Thakkar, et al.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26483 / February 19, 2026

Securities and Exchange Commission v. Saumil Thakkar, Poorvesh Thakkar, PASMAA GP Investment Fund Manager, LLC, and Perfect Group Holdings, LLC, No. 1:26-cv-00067 (E.D. Tex. filed Feb. 18, 2026)

SEC Charges Brothers in North Texas in Connection with Alleged Real Estate Offering Fraud

On February 18, 2026, the Securities and Exchange Commission filed charges against Texas residents and brothers Saumil Thakkar and Poorvesh Thakkar, and two companies they control, for allegedly conducting a real estate offering fraud.

The SEC’s complaint alleges that S. Thakkar and P. Thakkar fraudulently raised more than $12 million for a real estate investment-focused private fund. The Thakkars controlled both the fund’s manager, PASMAA GP Investment Fund Manager, LLC, and the fund’s sponsor, Perfect Group Holdings, LLC. As alleged in the complaint, the defendants made several misrepresentations in the fund’s written offering materials, emails sent to prospective investors, and in verbal investment solicitations. The alleged misrepresentations concerned key aspects of the Fund’s real estate investments, including, among other things, understated project costs, a large asset claimed to be under contract, and property under development that was purportedly pre-leased. The complaint further alleges the defendants misrepresented how much money the Thakkar family invested in the fund and failed to disclose related-party agreements, rendering statements in the fund’s private placement memorandum misleading.

The SEC’s complaint, filed in the Eastern District of Texas, charges the Thakkars, PASMAA, and Perfect Group with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b) thereunder. The complaint also charges the Thakkars and PASMAA with violating the antifraud provisions of Section 17(a)(2) of the Securities Act of 1933. The SEC seeks permanent injunctions against all defendants, disgorgement with prejudgment interest against the Thakkars and PASMAA, civil penalties against Saumil Thakkar and PASMAA, and conduct-based injunctions against the Thakkars, barring them from participating in the issuance, purchase, offer, or sale of any security, except for purchases or sales of securities for their own personal accounts.

The SEC's investigation was conducted by Christopher Reynolds and Melvin Warren, and supervised by Nikolay Vydashenko and Jaime Marinaro, all of the SEC’s Fort Worth Regional Office. The litigation will be led by Matthew Gulde and supervised by Keefe Bernstein.