California Real Estate Fraud Report

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27
Jul

Developer Pleads Guilty in Running Horse Golf and Country Club Real Estate Fraud

A former Carmel real estate broker has pleaded guilty to federal wire fraud and money laundering as a result of a high-end golf course project in Fresno. He could receive up to 20 years in federal prison when he is sentenced this November U.S. District Court Judge Lucy Koh.

Thomas J. O’Meara III was the president of Cypress Investment Corp. in Carmel. According to the U.S. Attorney’s Office of Northern California, O’Meara, defrauded more than 50 investors in the Running Horse Golf and Country Club project out of more than $16 million. O’Meara’s license to practice real estate was revoked in 2008.

O’Meara’s plea deal includes paying restitution of $7 million in restitution to his victims, some of whom lost millions, such as the family of Carmel real estate broker Joyce Scampa. Prosecuters stated that total losses were $25 million.

The Running Horse Golf and Country Club was a speculative 450-acre development that apparently attracted investors with its golf course designed by Jack Nicklaus and 780 upper-end homes. None of the homes were ever built and only two holes of the golf course were completed.

Read the original article in the Monterey County Herald.

This entry was posted on Friday, July 27th, 2012 at 8:56 am and is filed under Real Estate Crimes, Real Estate Fraud, Real Estate Investment Fraud. Responses are currently closed, but you can trackback from your own site.

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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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