California Real Estate Fraud Report

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06
Apr

Cedar Funding Real Estate Fraud Case Winding Down

The former owner of Monterey-based Cedar Funding, David Nilsen, 61, has been sentenced to eight years in prison for defrauding investors in a $100 million real estate investment fraud. As part of his sentence, Nilsen, a mortgage broker, has also been ordered to repay $70 million to his jilted investors.

Nilsen is seen by many in his profession, law enforcement and his investors as a once-honest professional who made bad decisions once the real estate melt-down began. His victims, many of whom had known Nilsen during better times, trusted him and sank their entire life’s savings into his mortgage fund. Some of them have forgiven him, believe the prison sentence is fair and moved on while others believe he should have received 25 years behind bars.

Manoel Errico, Cedar Funding’s loan manager, has fled the United States and is a fugitive from justice.

David Nilsen’s real estate license has been revoked by the California Department of Real Estate (DRE).

Read the original article in the Silicon Valley Mercury News.

© 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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