California Real Estate Fraud Report

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06
Dec

Real Estate Broker in Failed Running Horse Golf and Country Club Sentenced

A former Carmel real estate broker who pleaded guilty last July to wire fraud and money laundering charges in relation to the Running Horse Golf and Country Club development in southwest Fresno is going to federal prison.

Thomas J. O’Meara III received a sentence of 6½ years by U.S. District Court Judge Lucy Koh in San Jose after hearing statements by the investor victims presented by the prosecution. Prosecutors had accused that O’Meara had scammed over 50 investors – mostly residents of the Central Coast region – by luring them into the 450-acre development that centered around a golf course designed by Jack Nicklaus. O’Meara, president of Cypress Investment Corp. in Carmel and the late Scott Webb, a Fresno real estate broker, partnered to build the golf course and 78 expensive homes. The project fell apart with just two of the golf course holes in place and none of the homes built.

O’Meara will be required to provide restitution of $7 million as part of his plea agreement.

Read the original article in the Monterey Herald.

© 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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