Federal prosecutors and regulators announced actions Wednesday against the owner of a New York investment fund accused of committing a $21 million investment fraud scheme.

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