U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Pittsford Capital Income Partners, L.L.C., et al.

On July 14, 2006, the SEC obtained a temporary restraining order, asset freeze and other relief against Edward “Ted” Tackaberry, Mark Palazzo and various real estate investment companies they owned and managed.  The SEC alleged that from about 1996 to 2004, the defendants fraudulently raised at least $15 million from at least 275 investors, including many senior citizens, by issuing unregistered promissory notes in the real estate investment companies.  

According to the complaint, the defendants failed to disclose they had transferred large amounts of money, including a $2.4 million payment to Communicate Wireless, an entity in which the defendants had significant personal interest, and had commingled the assets of the real estate investment companies in one bank account to fund the operations of some of the real estate investment companies.  The SEC also alleged that the defendants misappropriated investor funds for personal use.  For more information about the SEC’s action, you can read Litigation Release No. 19761 (July 14, 2006).

The Court also appointed Lucien A. Morin II as Receiver.  For information about the Receivership, you can visit the Receiver’s website.


Modified: 07/21/2006