X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Tri-National Development Corp. says it has responded to a regulatory subpoena by the U.S. Securities and Exchange Commission regarding the activities of Senior Care Industries Inc.

San Diego-based Tri-National says it received a subpoena from the SEC on Friday and has responded to requests to produce documents and provide testimony. The subpoena cones on the heels of an investigation that began in January, according to the company.

Senior Care, which builds senior citizen housing in the western United States, tried to buy properties in Baja California, Mexico, earlier this year that were owned by Tri-National’s Mexican subsidiaries.Tri-National says it terminated the transactions because Senior Care did not meet certain conditions.

The company says it was unaware of the SEC probe prior to entering into the agreements. Officials further say they didn’t know that Senior Care’s main counsel was a disbarred California attorney.

“Tri-National would never have considered entering into any business transactions with Senior Care,” Tri-National said in the filing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.