(WICHITA, Kan.)—
Developers who came to Wichita with a plan to update downtown are cited by the state in a cease-and-desist order.
Michael Elzufon and David Lundberg are among six people named in documents from the Securities and Exchange Commission. They are accused of using fraudulent life settlement policies in a deal with a Topeka bank and other investors.
Elzufon and Lundberg make up the Real Development group. They started buying downtown Wichita properties in 2005 for luxury condos and updated office space. Since then, the city of Wichita has provided millions in incentives.
Mayor Carl Brewer told Eyewitness News Thursday night that city attorneys are looking into the developments and should be able to tell us more on Friday.
