Two years after Rodney Jarmin and Tammy Jordan, former owners of Real Property Lenders, could have accepted a deal two years ago that would have kept them out of jail and required minimal restitution to the real estate investors they allegedly defrauded.
But Jarmin, 76, and Jordan, 65, rejected the deal and now they’re headed to trial.
Real Property Lenders acted as a middleman between investors who put up their funds to be used as hard money loans to developers. These investors were promised 12% annual interest payments.
Rodney Jarmin and Tammy Jordan were charge in March 2011 by prosecutors who alleged they didn’t disclose to the investors that the builders had defaulted and that earlier investors had not been paid their dividends. This is despite documents filed with the California Department of Corporations that Real Property Lenders had reported over $55 million in outstanding real estate loans in 2007.
Here is the web page prosecutors created to keep the investors notified of developments in the case.
Read the original article in The San Luis Obispo Tribune.