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Voyager Pacific Opportunity Fund II: SEC Alleges $15.5M Ponzi-Like Payments, Judgments May 29, 2026

By Jorge··20 min read

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Quick Answer

As of November 3, 2026: the SEC sued Voyager Pacific Capital Management, LLC, the manager of Voyager Pacific Opportunity Fund II, LLC, on April 20, 2026 (SEC v. Voyager Pacific Capital Management, LLC et al., No. 1:26-cv-02985, E.D. Cal.; Litigation Release LR-26534, April 21, 2026). The complaint alleges that from September 2020 through March 2024 the manager used more than $15 million of new investor money to pay existing investors "in Ponzi-like fashion": of about $17.5 million paid out as the 10% preferred return, about $15.5 million (roughly 89%) came from new equity money, and the fund earned about 1%, not 10%. It also alleges about $5.98 million went to entities controlled by the manager's owners and about $8.16 million of backdated "cash sales" were booked with no cash received. These are allegations. On May 29, 2026 the court entered judgments against the CEO and the former CFO on consent; the dollar relief is not yet set. The manager entity and nine relief defendants are in default. The docket entries we read, through September 14, 2026, show no receiver.

Key Takeaways

  • The SEC alleges that during the period from September 2020 to March 2024 the fund paid about $17.5 million in preferred returns to equity investors, of which about $15.5 million, roughly 89%, came from new equity investor money (complaint, paragraphs 132-133). It says the fund earned enough from investments or debt financing to pay only about a 1% return, not the 10% promised (paragraph 201).
  • The complaint says the fund raised about $100 million from about 500 investors over its life (2015 to mid-2024), and about $46.7 million from 272 equity investors plus about $3.7 million from nine noteholders during the alleged period (paragraphs 31-32). It was a single-family-rental fund: about 1,200 properties were acquired, about 200 of them after the July 2020 change of ownership (paragraphs 33-34).
  • Two further allegations: about $5.98 million of fund money went to affiliated entities (about $2.9 million with no supporting documentation, about $3 million on 13 notes the fund did not enforce), and six backdated purchase agreements with two affiliated buyers totalling $8,163,639 were booked as cash sales although no cash was received (paragraphs 85, 94-95, 172-173).
  • Where the case stands: on May 29, 2026 the court entered a partial judgment against the CEO and a judgment against the former CFO (both on consent; the former CFO did not admit or deny). Disgorgement and any civil penalty are to be set later on the SEC's motion. The manager entity and the nine relief defendants are in default; the SEC has until January 18, 2027 to move for default judgment. The third individual defendant is in settlement talks with the SEC (orders of July 23 and September 14, 2026).
  • On April 20, 2026 the U.S. Attorney's Office announced a guilty plea to conspiracy to commit wire fraud in two cases with a combined loss of about $45 million, one of them involving this manager. Sentencing was first set for September 14, 2026 and the court's July 23 order gives October 19, 2026. We could not confirm what happened on that date.
  • The fund's only SEC filings are Forms D. The last one, filed March 25, 2021, reports $60,241,282 sold to 341 investors; the Form D filed one day earlier reports $46,225,289. No later filing exists on EDGAR for the fund. A sister fund, Voyager Pacific High Yield Fund III, LLC, reported $3,747,856 sold to 37 investors in September 2023; the complaint does not mention it.

CSV · 81 rows

Voyager Pacific Opportunity Fund II: SEC complaint figures, court orders and Form D filings, 2015-2026

81 rows from the SEC complaint, SEC release LR-26534, the court's orders and docket, the U.S. Attorney's release and the funds' Forms D.

What this page is, and the rule it follows

Everything about the fund's conduct below is an allegation by the SEC. A court has not tried these facts. The two settled defendants agreed to judgments; one of them did so "without admitting or denying" the allegations. What we can say as fact is what the documents say: what the SEC filed on April 20, 2026, what the court ordered, and what the fund itself filed with the SEC. We name companies, the agency, the court and case numbers; we do not name the individuals, and refer to them by role.

The SEC's own release is short. The complaint is 43 pages and holds the numbers. We read it, the judgments, the later orders, the docket and the fund's Forms D, and where two sources differ we say so.

The timeline

DateWhat happenedSource
2015Voyager Pacific Opportunity Fund II, LLC formed as a Delaware LLC; Form D shows first sales in October 2015Complaint, paragraph 19; Form D
July 2020The manager is bought by a new ownership group; the complaint says the alleged conduct began within monthsComplaint, paragraphs 2, 35, 81
September 2020Alleged change to capitalize 85% of rental-home costsComplaint, paragraphs 152-153
December 2023Fund stops accepting new investorsComplaint, paragraph 19
Mid-2024A large part of the fund's assets is sold to a third partyComplaint, paragraph 19
July 2025Manager replaced as manager of the fundComplaint, paragraph 19
April 20, 2026SEC files the complaint; the U.S. Attorney's Office announces a guilty plea in a parallel criminal caseComplaint; DOJ release
April 21, 2026SEC publishes Litigation Release LR-26534LR-26534
May 29, 2026Court enters judgments against the CEO and the former CFOECF 21, ECF 22
June 24-25, 2026Defaults entered against the manager entity and the nine relief defendantsDocket, ECF 24-25, 28
July 23, 2026Deadline to move for default judgment extended to January 18, 2027ECF 32
September 14, 2026Court gives the SEC 60 days for a status report on settlement with the third individual defendantECF 34
November 13, 2026 (our arithmetic)That status report falls due, 60 days after September 14, 2026ECF 34
January 18, 2027Last day, as extended, to move for default judgmentECF 32

The fund and the numbers

ItemFigureWhere
Raised over the fund's life (2015 to mid-2024)About $100 million from about 500 investorsComplaint, paragraph 31
Raised in the alleged period (September 2020 to March 2024)About $46.7 million from 272 equity investors; about $3.7 million from nine noteholdersComplaint, paragraph 32
Properties acquiredAbout 1,200 over the fund's life; about 200 after July 2020Complaint, paragraphs 33-34
Strategy presented to investorsBuy single-family homes, renovate, then rent or sell; some tax liens and mortgage loansComplaint, paragraph 29
Return promised to equity investors10% preferred return, paid monthly if cash allowed, otherwise accruedComplaint, paragraphs 126, 185
Preferred returns actually paid, alleged periodAbout $17.5 millionComplaint, paragraph 132
Of which from new equity investor moneyAbout $15.5 million, roughly 89%Complaint, paragraph 133
Return the fund earned from investments or debt financingAbout 1%Complaint, paragraph 201
Audits obtained for fiscal 2022, 2023 and 2024NoneComplaint, paragraph 160

One check on the arithmetic. $15.5 million of $17.5 million is 88.6%, which matches the complaint's "roughly 89%" (our arithmetic). The complaint also says the $15.5 million was "approximately one-third" of the new equity money raised; $15.5 million over $46.7 million is 33% (our arithmetic).

What the SEC alleges, in four parts

1. Ponzi-like payments. The complaint alleges the fund did not separate cash from new equity investors from cash from operations, and that the preferred return was paid "in full or nearly in full, every month" using new investor money. Its own words for this are "Ponzi-like payments"; the SEC release says the same. The offering documents, it says, said the return would be paid from net cash from investments or debt financing and otherwise accrued, and that new money would be invested.

2. Money to affiliated entities. About $5.98 million went to entities owned by the manager's owners: about $2.9 million in transfers with no contract or other supporting documentation, and about $3 million on 13 promissory notes. The notes carried an "Automatic Continuance" clause that let them run month to month with no repayment date, unlike the fund's notes with unrelated borrowers, and the operating agreements allowed affiliate loans only on the same or similar terms as other borrowers. The complaint alleges none of this was disclosed except one loan of about $273,000 mentioned in the 2020 audited statements.

Relief defendant (entity)Amount the complaint says it receivedHow
HGM Holdings LLC$1,396,282.94 net ($1,662,411.07 received, $266,128.13 returned)No supporting documentation
Premier Property Management Group, LLC$471,340.66No supporting documentation; the fund owns 48.5% of this company
Andante SPE LLC$484,000 plus $400,000No documentation; unenforced notes
Adagio SPE LLC$50,000Unenforced note
Brighton Cove LLC$250,000 plus $47,295.74Unenforced notes
Cayucos Dream, LLC$631,898.38Unenforced note
GSD Equities, LLC$523,288.63 plus $200,000Unenforced notes
Kastlemark LLC$432,174.02Unenforced note
Martin-Taylor Company LLC$200,000Unenforced note

The nine entities are "relief defendants": the SEC does not accuse them of fraud but asks the court to make them give back money it says they have no legitimate claim to. A tenth recipient, called "Affiliate 1" in the complaint, is not a defendant; the complaint says it repaid the amounts it received on April 3, 2026. Across the two categories the complaint says about $581,000 and about $565,000 had been returned to the fund (paragraphs 88 and 108).

3. Accounting that made income look larger. In September 2020 the fund allegedly moved to capitalizing a flat 85% of rental-home costs. Under the earlier owner, the share capitalized in 2019 was at most about 76%. Capitalizing a cost moves it from expense to asset, so reported net income rises. The complaint says the auditor of the fiscal 2021 statements made an adjustment that cut 2021 net income by about $1.9 million, and that no audits were obtained for fiscal 2022 to 2024.

4. Backdated "cash sales" to affiliates. From March 2022 to September 2023 the fund allegedly booked six sales of houses to two affiliated buyers as cash sales although no cash was received and the fund kept control of the properties. The purchase agreements were allegedly created after the fact.

Buyer (affiliated entity)Date cash sale bookedPurported price
The Golden H, LLCMarch 15, 2022$603,770.00
The Golden H, LLCJune 30, 2022$775,400.00
The Golden H, LLCSeptember 1, 2022$1,299,700.00
WHPH Investments LLCJune 5, 2023$1,864,769.00
WHPH Investments LLCAugust 31, 2023$1,100,000.00
WHPH Investments LLCSeptember 30, 2023$2,520,000.00
Total$8,163,639.00

The complaint says the entries were often made near quarter-end, when preferred returns were being finalized, and that this raised apparent net income by about $8.2 million. It also says some of the properties were later sold by the fund to an unrelated buyer for "substantially less" than the purported prices.

What the fund said to investors, and what the complaint says it left out

The complaint quotes the offering documents and videos. A podcast statement of September 15, 2021 said the fund "has returned a ten percent return every year plus, since its inception in 2015". The complaint alleges that was false because the distributions were almost entirely paid from new investor money, and that quarterly updates repeatedly said the preferred return was met or "earned and distributed". The SEC release lists the charges: Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act with Rule 10b-5 against the manager, the CEO and the former CFO, and the narrower Section 17(a)(1) and (3) and Rule 10b-5(a) and (c) against the third individual.

What has happened since April 20, 2026

Defendant groupStatus in the docket we read (through September 14, 2026)
CEOPartial judgment on consent, May 29, 2026 (ECF 21): permanent injunctions, a bar from participating in the issuance, purchase, offer or sale of any security except for his own account, and disgorgement and penalty to be decided on the SEC's motion. For Bankruptcy Code Section 523 purposes the judgment says the complaint's allegations are "true and admitted".
Former CFOJudgment on consent, May 29, 2026 (ECF 22), "without admitting or denying" the allegations; same injunctive terms, money relief to be decided later.
Third individual defendantHas not appeared. The SEC told the court this defendant approached it about a possible resolution; the two were still in settlement discussions on September 11, 2026 (ECF 28, 34). A status report is due within 60 days of September 14, 2026.
Manager entity (Voyager Pacific Capital Management, LLC) and nine relief defendantsServed April 24-27, 2026; defaults entered June 24-25, 2026. The SEC must move for default judgment by January 18, 2027 (ECF 32).

The initial scheduling conference of August 6, 2026 was vacated on July 14, 2026 (ECF 30). Nothing in these entries sets an amount of disgorgement, a penalty, a distribution to investors or a receiver, and we found no SEC page for a fair fund or distribution in this case. The court's docket page on CourtListener, which we read on November 3, 2026, lists its last known filing as September 15, 2026 and was last updated October 14, 2026, so later entries may exist that we have not seen.

The criminal case, and a discrepancy worth knowing

The U.S. Attorney's Office for the Eastern District of California said on April 20, 2026 that a defendant in this matter pleaded guilty to conspiracy to commit wire fraud "in two separate cases" with a combined loss of about $45 million: one involving a technology company's lenders, the other this fund. Its description of the Voyager scheme covers June 2020 to January 2025, wider than the SEC complaint's September 2020 to March 2024. It says the fund "was acquired by a third party at a discount, and the value of the participants' shares was diminished".

Two source details do not line up and we flag them rather than choose. The SEC complaint says the plea was to "two counts"; the SEC release says "one count". The SEC's release cites criminal case No. 1:25-cr-00016-JLT-SKO, while the SEC's notice of related case in the civil docket lists No. 1:26-cr-00030-JLT-SAB. Sentencing was set for September 14, 2026 in the U.S. Attorney's release and for October 19, 2026 in the court's July 23 order. We did not find the result.

What EDGAR shows

The fund has no registration statement or periodic reports on EDGAR; its only filings are Forms D, claiming the Rule 506(c) exemption (our reading of box 06c; see our guide to reading a Form D). Fund II's CIK is 1671072 and it has four filings.

Form D filedTotal amount soldInvestors already investedAccession
April 4, 2016$2,007,625190001671072-16-000001
April 20, 2017 (amendment)$9,036,750610001671072-17-000002
March 24, 2021$46,225,2893410001671072-21-000003
March 25, 2021 (amendment)$60,241,2823410001671072-21-000004

How to read this. The offering size on every form is $100,000,000. We took each filing's own totalAmountSold and totalNumberAlreadyInvested fields. The two forms from March 2021 disagree on the amount sold by $14,015,993 (our arithmetic) while giving the same investor count, which is why we show both and treat the later amendment as the fund's latest statement, not as a settled number. The amendment is also the last filing: no Form D for the fund appears after March 25, 2021, though the complaint says the fund kept raising money until December 2023. The complaint's $100 million lifetime figure leaves about $39.8 million beyond the amendment's $60.2 million (our arithmetic). A Form D is the issuer's own statement and says nothing about performance or wrongdoing.

A sister vehicle, Voyager Pacific High Yield Fund III, LLC (CIK 1856480), filed a Form D in April 2021 and an amendment on September 21, 2023 reporting $3,747,856 sold to 37 investors. The complaint does not mention it, and we have not seen any allegation about it.

What we could not establish

  • How much investors lost. The complaint speaks of "losses to the fund, and ultimately its investors" and gives no total. The U.S. Attorney's release gives about $45 million combined for two cases, not for this fund alone.
  • The sale price of the fund's assets in mid-2024 and who the current manager is.
  • Whether any money will be distributed to investors, through the court or otherwise, and how a claim would work.
  • The outcome of the criminal sentencing set for October 19, 2026.
  • Any money amounts in the SEC judgments; they are left for later motions.

What a reader can do with this

This page cannot tell you what your interest is worth or whether you will be repaid. What the record supports:

  1. Gather your own papers. Subscription agreement, operating agreement, quarterly updates, K-1s, bank records of what you wired and what you received. The complaint treats the monthly "preferred return" payments as the issue, so the dates and amounts of what you received matter.
  2. Follow the two case numbers. The civil case is No. 1:26-cv-02985-JLT-SAB (E.D. Cal.), where the next dated steps are the settlement status report (about November 13, 2026) and the default-judgment motion (by January 18, 2027). The docket is free to read on CourtListener; filings can be bought on PACER.
  3. Do not count on a payout yet. No order we read creates a fund for investors. A court can order disgorgement and the SEC can distribute it, but nothing here says either will happen or when.
  4. Keep tax questions separate. A loss in a private fund raises timing and character questions; our pages on capital loss carryovers and on K-1s from real estate funds explain the mechanics. A CPA who sees your own K-1s can say more.
  5. Compare with other cases. Our pages on the SQN receivership and the Wavemark mobile home notes case show how a receiver or a settlement looks on the docket, and real estate crowdfunding failures puts private-fund collapses in a wider list. Our census of single-family rental landlords covers the sector this fund invested in.

FAQ

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All figures are from primary documents read on November 3, 2026: the SEC complaint (Document 1, filed April 20, 2026) and SEC Litigation Release LR-26534 (April 21, 2026) as published on sec.gov; the court's partial judgment and judgment of May 29, 2026 (ECF 21 and 22) and its orders of July 23 and September 14, 2026 (ECF 32 and 34) in No. 1:26-cv-02985-JLT-SAB (E.D. Cal.); the CourtListener docket for that case (last known filing September 15, 2026); the U.S. Attorney's Office, Eastern District of California, press release of April 20, 2026; and the Forms D of Voyager Pacific Opportunity Fund II, LLC (CIK 1671072; accessions 0001671072-16-000001, 0001671072-17-000002, 0001671072-21-000003, 0001671072-21-000004) and Voyager Pacific High Yield Fund III, LLC (CIK 1856480; accession 0001856480-23-000001). This is analysis of public documents, not investment, legal or tax advice.

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