California Real Estate Fraud Report

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SEC Sues Three Bay Area Men for Real Estate Investment Fraud, Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) has sued Lafayette businessman Walter Ng, his partner and his son for what the SEC alleges is a real estate investment fraud.

At the height of the market, R.E. Loans LLC was in possession of over $700 million in outstanding commecial real estate loans. R.E. Loans extended high-interest loans to developers and was funded by money received from thousands of investors. But the SEC complaint, filed in San Francisco federal court, claims that Ng’s second fund, called Mortgage Fund ’08 LLC, was used to pay back many of the investors from R.E. Loans (Ponzi schemes). Both of the funds are now bankrupt.

The SEC seeks disgorgement (return of) of investor money and as-yet unspecified civil fines. The case is Securities and Exchange Commission v. Ng, 13-895, U.S. District Court, Northern District of California (San Francisco).

Read the original article in Bloomberg.

© 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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