California Real Estate Fraud Report

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14
Mar

One defendants dies, no bail reduction for accused partner in $142 million mortgage fraud

A man who is accused of running a $142 million mortgage fraud and securities fraud ring in the Murrieta area has been denied a reduction in his bail.

Riverside County Superior Court Judge Richard T. Fields had previously reduced James B. Duncan’s bail from $144 million to $5 million but denied a motion from Duncan’s defense attorney to lower the bail further.

James Duncan and six others were arrested in November 2009 for their participation in an investment scheme that enriched themselves while causing their investors to lose millions in cash and see their homes foreclosed. Duncan’s attorney, James J. Warner, told the court that not only had the district attorney exaggerated the losses but that the real bad guy was Christopher Oetting, who was in charge of setting up the phony companies, soliciting the investors and managing their funds. Oetting hanged himself last month in Palm Desert after pleading guilty to his crimes but alleged that James Duncan was the mastermind and had received millions of dollars from the scheme.

Read the full article in the Press Enterprise.

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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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