California Real Estate Fraud Report

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29
May

Fireman’s Fund on the Hot Seat by Jilted Investors

Fireman’s Fund is the target of a $30 million lawsuit as a result of damages being claimed by 46 current and former employees in an investment fraud case that could exceed $200 million. It has also caught the attention of California Attorney General Edmund G. Brown, who is investigating it as a possible Ponzi scheme.

The basis for the lawsuit is that Fireman’s Fund encourage its employees to attend seminars put on by Gary T. Armitage and James Stanley Koenig. Firemen’s Fund, which was acquired by Allianz SE of Munich, Germany, began downsizing in the mid-1990s, and retained investment advisors such as Armitage and Koenig, to promote their products as part of the Fund’s push to get employees to retire early.

Attorney General Brown arrested both Armitage and Koenig last week and both remain in jail on $5 million bail. Koenig has a prior conviction for mail fraud and served more than two years in a federal prison.

Read the Full Article in the Contra Costa Times.

© 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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