Now that the real estate bubble is bursting, the fraud schemes are coming out. For example: Jeanetta M. Standefor, 40, of Altadena, through a Pasadena company called Accelerated Funding Group, allegedly ran a Ponzi scheme in 2005-2007 that promised returns of up to 50% within four to six weeks. The LA Times says more than 600 people invested $18 million in the scheme, which was to reap rewards by helping homeowners avoid foreclosure. The Securities and Exchange Commission charges that Standefor spent $1.9 million on lavish spending for herself.
LA Times Real Estate Blog has details.
Read the comments afterward: apropos of nothing, one commenter has found out that she supports Republicans, and that the LA Times did a feature story on Standefor in 2004 as a successful house flipper.
property bulgaria said…
Whoever said whatever about plan must know that when one is feeling very low its difficult to stick to long term plans or even short term plans for someone who has lost confidence and faith in his ability to bring himself to do anything at all.
Friday, May 16, 2008 at 01:33 AM
property bulgaria said…
Pretty much everyone I’ve talked to lately has a story about someone they know who is flailing their arms trying to keep their head above water. Nowhere is it easier to see than in the real estate market in your area. I’ve been watching real estate pretty closely around our area because I find it very interesting.
Friday, May 16, 2008 at 01:35 AM