California Real Estate Fraud Report

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Apartments America LLC Principals Charged with Fraud by SEC

The SEC has charged three men with running afoul of antifraud and securities registration provisions by running a real estate investment firm that promised annual returns of 60%.

Michael Stewart, John Packard and Randall Smith opened Apartments America LLC shortly after they closed Pacific Property Assets due to bankruptcy. The alleged purpose of both businesses was to pool investors’ funds from unregistered offerings of securities and use the money to purchase multi-family housing in Southern California and Arizona. Pacific Property Assets had defaulted on $91.6 million in promissory notes held by 647 investors and was being managed by a bankruptcy receiver and Apartments America LLC had no assets (real estate investment fraud). Investors to that failed venture had been promised rates of return of between 24% to 30%.

Read the original article in National Mortgage News.

© 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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