California Real Estate Fraud Report

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Marin County mortgage broker sentenced to prison in $2.4 million Ponzi scheme

Paul Sloane Davis, 76, was sentenced by U.S. District Judge Charles Breyer to three years in prison for his participation in a $2.4 millon Ponzi scheme. Judge Breyer also ordered him to pay $1.7 million in restitution to Davis’ victims.

Davis and a partner, Diane Cobb, 58, formerly ran a financial services company in Novato called DM Financial. The 2013 grand jury indictment accused them of soliciting investment money to be used for short-term bridge loans. Prosecutors alleged that the monies the pair received was used to either pay back previous investors or to support a lifestyle of expensive restaurant meals and travels. The victims who unwittingly supported the Ponzi scheme, which ran from 2009 to 2013, did so with their retirement funds or childrens’ college funds.

Diane Cobb previously pleaded guilty to the same charges as Paul Davis and awaits her sentence in January 2016.

Read the original article in Marinscope Community Newspapers.

© 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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