YARMOUTH — As component of the personal bankruptcy proceedings of Yarmouth-centered Levee Breaks Expenditure Group LLC, three properties will be abandoned, just one property has been offered and 4 many others are up for sale.

LBIG filed for Chapter 7 bankruptcy Oct. 22 a week right after the condition Securities Division submitted a civil administrative complaint against LBIG, fashioned by Brian Serpone of Yarmouth in 2015, and Dennis Serpone, Brian’s uncle, for what it alleged were being violations of Massachusetts General Law and willful violation of a consent get they experienced entered into with the condition in Could 2020. 

Brian Serpone is mentioned as the manager and resident agent on the Secretary of the Commonwealth’s Corporation Division web site for Levee Breaks. LBIG used investor cash to order Cape qualities, remodel them and promote them or hire them at income.

LBIG was not registered with the state’s Securities Division, as required by Massachusetts legislation, and the promissory notes they offered traders have been unregistered securities, in accordance to state information. 

Dennis Serpone experienced operate afoul of the state Securities Division ahead of. In 1998, his registration as a broker-vendor agent was terminated following regulatory motion, according to data. 

What is becoming abandoned?

U.S. Personal bankruptcy Judge Frank J. Bailey on Jan. 12 authorised trustee David Madoff’s motion for the authority to abandon two houses in Yarmouth and one lot in Dennis Port.