California Real Estate Fraud Report

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28
Feb

SEC Charges 3 in Riverside Real Estate Fraud

The U.S. Securities and Exchange Commission  accused three Murrieta men of running a real estate scam that resulted in almost 100 investors being defrauded of more than $11 million, causing many to lose their homes to foreclosure.  Some of the victims were military personnel at the Davis-Monthan Air Force Base in Tucson, Arizona, as well as the Southern California Filipino community and church members.

The SEC, which handles only civil complaints, charges in its filing in U.S. District Court in Riverside, that James B. Duncan, Hendrix Montecastro and Maurice E. McLeod breached federal securities laws and asks for both civil penalties and restitution of “ill-gotten gains”.  Also named as defendants are Murrieta-based Pacific Wealth Management, Stonewood Consulting Inc. and Total Return Fund LLC, all companies controlled by the three defendants.  There are also civil suits brought against the parties by the investors.

The Riverside County Office of the District Attorney is also investigating.

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© 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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