California Real Estate Fraud Report

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10
Sep

Investors Sue Newport Beach Father-Son, Alleging Real Estate Investment Fraud

Two men who say they lost $100,000 each in a real estate investment fraud have sued the father and son who took their investment money.

Plaintiffs Dennis Stearns and Craig Smith sued Edward Theodore Embry, an Orange County real estate broker, his father Michael Patrick Embry, their attorney Michael D. Davis, and Red Rock Servicing II LLC, in Federal Court. Embry Senior is quoted in the civil complaint as being a “well-known Phoenix real estate broker and developer.”

The Embry’s investment opportunity solicited investors via an ad in which they claimed to buy, rehab and re-sell distressed California residential real estate and earn their investors 15% return and a “total refund” after one year. The money was invested with the Embry’s firm, Red Rock Servicing, located in Newport Beach.

Both plaintiffs allege that the Embry’s refused to return each man his $100,000 investment. Their lawsuit seeks actual, incidental, contractual and punitive damages, attorney fees and costs for securities fraud, constructive fraud, breach of contract, conversion, unjust enrichment, and alter ego.

They are represented by Elliot Stone with The Stone Law Firm

Read the original article in Courthouse 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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