SEC
Whistleblower
Attorneys

March 22, 2018

Tobias Preston, Charles Preston, Caleb Preston, Laura Sanford, McKinley Mortgage Co. LLC, McKinley Mortgage Company, LLC

Offering Fraud

SANCTION AMOUNT: Approximately $50,075,000

Defendants: McKinley Mortgage Co. LLC, McKinley Mortgage Company, LLC
Tobias Preston, Charles Preston, Caleb Preston, Laura Sanford

Settlement of charges against the operators of a real estate investment business who raised more than $66 million from approximately 300 investors, most of whom were retail investors, by falsely stating that investments in their fund, Alaska Financial Company III, LLC (AFC III), were secure and that AFC III earned high returns. According to the SEC, AFC III was insolvent and unable to generate sufficient revenue to meet its interest obligations for years. Also, funds allegedly were misused by Tobias Preston and McKinley Mortgage on personal and operational expenses. The SEC also alleged that Charles Preston, Caleb Preston, and Accounting Manager Laura Sanford helped hide the fraud.

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