SEC charges developer Robynne Alexander with defrauding failed Laconia State School

The U.S. Securities and Exchange Commission has filed charges against Robynne Alexander, a Manchester, New Hampshire resident, alleging that she defrauded investors of at least $3 million through real estate investment schemes. The SEC’s complaint states that Alexander solicited investors between 2018 and 2024 to purchase securities in various real estate projects in New Hampshire and Massachusetts. She assured investors that she would acquire, renovate, and sell these properties for a profit. However, Alexander deceived investors by misusing a significant portion of their funds to provide fictitious returns to select investors, repay unrelated project investors and lenders, and cover her personal expenses.

An interesting fact is that Alexander was the winning bidder in 2022 for the former Laconia State School property, offering $21.5 million. Unfortunately, the deal collapsed when she failed to produce the cash after three closing delays. Her company, Legacy at Laconia LLC, had ambitious plans for residential and retail development on the site. This background information sheds light on Alexander’s trajectory as a real estate developer and the subsequent legal issues she faces.

The SEC’s complaint was filed in the United States District Court for the District of New Hampshire, accusing Alexander of violating anti-fraud regulations under the Securities Act of 1933 and the Securities Exchange Act of 1934. As a result, Alexander has agreed to a court order that permanently prohibits her from violating the charged provisions, participating in securities issuance, purchase, offer, or sale, except for personal transactions, serving as an officer or director of any public company, and mandates disgorgement, along with interest and a monetary penalty, the amounts of which will be determined by the Court.

In addition to the SEC’s legal actions, the U.S. Attorney’s Office in New Hampshire has pressed criminal charges against Alexander, while the state’s Bureau of Securities Regulation has initiated administrative proceedings against her. These layers of legal action underscore the seriousness of the allegations against Alexander and the potential consequences she may face if found liable.

The SEC’s investigation was carried out by a team from the Boston Regional Office, including Brandon Sisson, John McCann, Alfred Day, and Celia Moore. The SEC acknowledges the collaboration of the U.S. Attorney’s Office, the FBI, and the New Hampshire Bureau of Securities Regulation in this matter. The coordinated efforts of these entities demonstrate the commitment to upholding financial regulations and protecting investors from fraudulent schemes.