California Real Estate Fraud Report

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SEC Accuses California Man of Real Estate Investment Fraud of 500 Investors

The U.S. Securities and Exchange Commission (SEC) has settled a case in which it accused Larry Polhill, a California man, of defrauding almost 500 investors through a private equity real estate firm.

Polhill, 61, sold his investors unregistered notes promising to yield annual returns of 5 percent to 17 percent. According to the SEC, there was no collateral to back his investments, which were either not made or were impaired (real estate investment fraud). He sold his “investments” through San Bernardino-based American Pacific Financial Corp., which eventually went bankrupt and named unsecured creditors who it owed $160 million.

Although the settlement is still subject to approval by U.S. District Court for the Central District of California, Polhill agreed to be barred from acting as an officer or director of a public company.

Michael Quinn, K&L Gates LLP, is Larry Polhill’s attorney.

In the meantime, there is no word as to where the $160 million can be found.

Read the original article in the Press Enterprise.

© 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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