Michael Llamas, 31, of Tracy, and Peter Woodard, 48, of Ventura, pleaded guilty in federal court in Sacramento to conspiracy to commit wire fraud. Llamas separately pleaded guilty to a count of concealment of a felony.
Llamas owned LW Premier Holdings LLC and Woodard owned Cobalt One LLC. They had rights to buy homes at discounts from builders in several states but purchased homes at full price without disclosing this to the lenders.
Loomis Wealth Solutions convinced investors to buy homes using their credit, which would then be rented out and managed, with the investors getting regular payments. Owner Lee Loomis was arrested in 2012 and charged with multiple counts of mail fraud and wire fraud. After pleading guilty in January 2016, he asked the court to withdraw his plea.
There are numerous articles on Lee Loomis and Loomis Wealth Solutions on earlier postings on the California Real Estate Fraud Report.