California Real Estate Fraud Report

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Malibu Investors Burned in Possible Ponzi Scheme

Investors who collectively made more than $6.4 million in hard money loans for construction in mountainous Malibu may have lost all of their money, according to complaints filed with the California State Attorney General’s Office.

Civil lawsuits filed against loan broker Charlene Goodrich, 72, of Santa Rosa, accuse her of allowing borrowers on home construction loans to use some of the money to purchase the properties; this was contrary to the terms of the loans. Without sufficient funds to complete construction, the borrowers eventually defaulted.

The heart of the dispute involves four parcels of land in Malibu that were subdivided illegally (without the required permission from the California Coastal Commission. Neither the lender (Goodrich) nor the appraiser, Tyna Degenhardt, apparently verified that the lots were allowed to be subdivided.

Read the Full Article in the Los Angeles Times.

© 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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