California Real Estate Fraud Report

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31
May

Three Bay Area Men Indicted for Real Estate Investment Fraud

Three men who lured investors, including elderly ones (elder financial abuse), into placing their funds with their firm on the fraudulent claim that their real estate developments benefitted charities, have been charged with conspiracy and fraud.

The investors to S3 Partners, which had offices in San Jose, Campbell, Palo Alto and North Carolina, may lose $21 million by the time the dust settles.

The three partners are Michael Sims, 58, of Gilroy, Sam Stafford, 56, of Campbell, and Melvin Russell “Rusty” Shields, 42, of Granite Falls, N.C. Federal prosecutors are accusing the men of promising rates of return between 10 and 16 percent for their developments in Arizona, Texas and Florida. While presenting themselves as experienced professionals, Shields has a conviction for felony larceny and Michael Sims’ real estate license was “suspended indefinitely” in 1978 by the California Department of Real Estate (DRE).

Sam Stafford has pleaded not guilty and Michael Sims has yet to enter a plea. No word yet as to the pleading status of Rusty Shields.

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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