California Real Estate Fraud Report

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30
Sep

Bankrupt Irvine Company Target of Investor Lawsuit

Former investors in Pacific Property Assets a now-bankrupt real estate company, are suing the founders of the company and two of their employess for luring them into what amount to a Ponzi scheme.

Pacific Property Assets, based in Irvine, solicited investors to purchase, renovate and sell apartment buildings at a promised 15% per year return. Carlsbad attorney Kent van der Schuit is representing several investors who put $1.3 million into PPA. Many of the victims were elderly persons.

The defendants Pacific Property Assets’ co-founders Michael Stewart and John Packard, their family trusts and employees Natasha Ginnaty and Chandra Gibson.

In all, PPA received $91 million from nearly 700 investors. Attorneys and a court official estimated that PPA lost at least $80 million, predicting that investors will lose most, if not all, of their money.

Read the full article in the Orange County Register, aka OC Register.

© Copyright 2007-2018 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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