California Real Estate Fraud Report

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25
May

Guilty plea in Ponzi scheme nets woman 15 years, 8 months

A federal judge in San Francisco sentenced 63 year old Patricia Morgen to more than 15 years in prison for defrauding investors out of millions of dollars.

Morgen, who found Chicago Development and Planning, which had offices in Emeryville and Reno, was also ordered by U.S. District Court Judge Charles Breyer to make restitution of $9 million to her 400 victims, many of whom lost their life’s savings. The court-appointed receiver has only found about $620,000 from the ashes of Morgen’s company, as Morgen appeared to have operated a Ponzi scheme and spent the millions she stole on herself and some of her employees.

Read the full article in SF Gate, the San Francisco Chronicle.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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