State says Cape Cod man took $1.2m in fraud
He acknowledges issuing promissory notes to investors
Secretary of State William F. Galvin has charged a Cape Cod man with civil fraud for allegedly running a real estate scheme in which he took more than $1.2 million from 25 Massachusetts investors. According to a complaint filed Monday, James R. Cruise Jr., 55, of Centerville, sold unregistered promissory notes to investors through his company, The Austin Group, over two decades. While promising to pay investors interest of up to 15 percent, Cruise actually used the money they gave him to buy real estate, according to the state.