SEC: San Diego man ran big investment scam

SAN DIEGO — The Securities and Exchange Commission says a San Diego man accused of securities fraud used millions of dollars from investors to buy luxury properties and cars.

The SEC complaint announced Thursday accuses MAK 1 Enterprises Group LLC and its 32-year-old chief executive Mohit A. Khanna of raising $70 million from 300 investors in California, Texas, New York and elsewhere, promising returns of up to 55 percent.

No one responded to a phone message left at Khanna’s office.

The SEC complaint filed Monday in federal court also says Khanna fabricated account balances.

The Commodity Futures Trading Commission filed similar allegations in federal court.