SEC says Texas mobile home fund raised $9.6 million but bought no homes
On September 21, 2026, the SEC sued Wavemark Capital, a Wyoming company with offices in Austin, Texas, alleging its mobile home fund raised $9.6 million without buying any homes.
Key facts
- The SEC filed its complaint against Wavemark Capital, LLC and its founder on September 21, 2026, in the US District Court for the Western District of Texas.
- Wavemark Income Fund, LLC launched in October 2021 and allegedly raised $9.6 million from nearly 100 investors through promissory notes, with a minimum of $50,000 each.
- Investors were allegedly promised annual returns of 12% to 14% from buying mobile homes and placing them in affiliated parks.
- The SEC alleges funds went to $795,485 in Ponzi-like payments, $62,000 in sales commissions and approximately $8.7 million in affiliated debts and expenses.
- The fund ceased operations in June 2025, and the defendants had not yet responded to the complaint.
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Source: SEC accuses fund operator of defrauding investors in $9.6M mobile home scheme — InvestmentNews, September 22, 2026. Summary and commentary by RISE Community; read the full story at the source.
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