Us developer under investigation

A US developer is under investigation by a US regulator for aleged international fraud.

NDD Group has targeted Chinese investors as part of its marketing, but reported investor complaints from several countries prompted the case to be opened, Kelly Mathias, an investigations and examinations supervisor of the North Dakota Securities Department, told the South China Morning Post.

The company made 19 sales totalling $1.85 million to investors in the mainland and 34 sales worth $3.36 million to buyers in Hong Kong, Mathias continued.

"The complaints alleged misrepresentation and fraud. Our office has not reached any conclusions on the case and it remains an open investigation."

The South China Morning Post claims to have received complaints from a banker in Hong Kong as well as investors in Spain and France.

The company, though, has insisted that these allegations of wrongdoing are incorrect.

"NDD can confirm there is a fact find by the SEC and we are cooperating fully," Robert Gavin, Founding Chief Executive, told the Post.

"We're aware of several online defamatory posts originating from these same sources relating to these allegations and they have used this to encourage others to complain. NDD refutes allegations of wrongdoing and will defend itself."