California Real Estate Fraud Report

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Former President of Heritage Lending Pleads

Candy Wells, the former president of Paso Robles-based Heritage Lending, pleading no contest this week to five felony counts of securities fraud. She could receive five years in prison when she is sentenced.

Heritage Lending was a hard money lender for real estate projects. Wells and her husband, Ronald Wells, 63, closed the business in October 2009. Shortly thereafter, the California Department of Corporations and the San Luis Obispo District Attorney’s Office investigated their operation, ultimately determining that Ms. Wells’ investors lost $1.3 million, which she has been ordered to return.

Ronald Wells previously pleaded no contest to a felony charge of being an accessory after the fact and will likely be sentenced to five years of felony probation and three months in San Luis Obispo County Jail.

Read the original article in The Tribune.

© 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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