Federal prosecutors and securities regulators charged the owner of a New York investment fund engineered a $21 million investment fraud scheme that stashed cash in a Delray Beach house and beach club membership.

From 2014 to last March, Brent Borland allegedly raised $21.9 million from about 40 investors in his Belize Infrastructure Fund. The investors were told the money was going to build the Placencia International Airport in the Central American country. Prosecutors charged Borland promised high rates of return on the funds, which were fully secured by real estate in Belize that was free of any liens or obligations.