Commercial real estate developer and mortgage broker Bradley Holcom was sentenced to 10 years in federal prison.
Holcom, 57, pleaded guilty in July 2014 to committing wire fraud. He had sold approximately $50 million worth of promissory notes over 150 investors across the U.S., many of whom lost millions, through his Trust Deed Investment Program.
Holcom admitted that he had falsely promised the investors who purchased his notes that they would receive first liens on properties he was developing when he instead conveyed to them a lesser, weaker interest.
Read the original article in the Times of San Diego.