The FBI has opened a probe into Texas-based multifamily syndicator Lurin Capital following a series of lawsuits alleging fraud and financial distress.

The FBI’s Dallas Division is investigating founder Jon Venetos, his firm and its associated entities, according to an email to investors obtained by The Real Deal. 

Potential victims are asked to contact LurinVictims@fbi.gov and complete an online form titled “Lurin Investigation Questionnaire.” The FBI is seeking information regarding amounts invested, the purpose of the investment and any distributions received.

Launched in 2016, Lurin has amassed a portfolio of 10,000 Class-C apartments across five Sun Belt states. The company planned to upgrade the properties, raise rents and flip them for a profit. 

In 2025, ACORE Capital Mortgage moved to foreclose on 12 Florida Panhandle properties owned by Lurin that backed a nearly $400M loan. More than 2,000 units hit the auction block, TRD reported.

ACORE also won a summary judgment against Venetos after he personally guaranteed almost $20M in mezzanine loans, TRD reported this month.

The 2025 foreclosure sent Lurin spiraling, with at least five lenders accusing the firm of defaulting on $710M in debt as of January. Lurin and several of its affiliated entities filed for Chapter 11 bankruptcy earlier this year in an attempt to block the foreclosures.

Accusations of fraudulent dealings then arose from the default allegations. In lawsuits, KeyBank claimed that Venetos improperly transferred $25K to a personal account, while Vista Bank said he falsified account statements from the lender to take out loans elsewhere.

Anonymous employees told TRD that Lurin also stopped contributing to their 401(k) accounts, despite the funds being withdrawn from their paychecks. One former property manager claimed the syndicator would inflate repair costs and submit invoices for incomplete work to lenders for reimbursement. 

Local municipalities have corroborated the lack of repairs, according to TRD. A Collin County, Texas, judge issued a temporary restraining order against Lurin after one of its properties racked up nearly 1,500 code violations and 100 lawsuits. The 264-unit apartment complex was deemed uninhabitable, forcing tenants to vacate the premises.

The city of Huntsville, Alabama, similarly sued the firm, alleging that Lurin abandoned a 231-unit property, causing it to fall into disrepair.

Lurin is far from the only investor that amassed thousands of Sun Belt properties during a period of low interest rates to face fraud allegations after it defaulted on mortgages it took out to finance its purchases.

Multifamily investor Alan Stalcup's GVA Real Estate Group has been investigated by the Securities and Exchange Commission following allegations he misappropriated investor capital. Stalcup has denied wrongdoing.

The SEC in July charged the owners of Tampa, Florida-based residential investor RAD Diversified REIT with a $152M fraud scheme for allegedly misleading investors about the use of funding earmarked for property acquisitions.