California Real Estate Fraud Report

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25
Sep

President of Paso Robles Lending Company Sentenced for Securities Fraud

Candy Wells, the former president of Heritage Lending in Paso Robles, has been sentenced  to five years in state prison.

Last August, Wells pleaded no contest to five felony counts of securities fraud for soliciting investors and selling hard money loans for real estate projects (real estate investment fraud, hard money fraud). Her husband, Ronald Wells, received an already-served sentence of 88 days and five years of felony probation after pleading no contest to being an accessory after the fact to the securities fraud and also embezzlement.

The losses to victims totaled over $1.3 million. The restitution hearing is set for December.

You can read the history and background to this prosecution by going to this link on the San Luis Obispo County District Attorney’s Office website.

© 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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