Securities and Exchange Commission: Bakersfield Investment Club a Fraud

Securities and Exchange Commission: Bakersfield Investment Club a Fraud

http://bakersfieldnow.com/live/sec-bakersfield-investment-club-a-fraud

BAKERSFIELD, Calif. (KBAK/KBFX) — The Bakersfield Investment Club on Stockdale Highway is under investigation by the Securities and Exchange Commission.

The SEC filed a complaint last week against the company, alleging CEO Daniel Nase, a former property appraiser for Kern County, ran a fraudulent scheme designed to enrich himself.

Since 2013, the documents filed by the SEC say the club received investments totaling more than $11 million, coming from 400 people, some local, some not.

Jose Rodriguez was one of those investors. He was living in Bakersfield at …

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Stay Ahead of Hackers

Stay Ahead of Hackers

Stay Ahead of Hackers

Scammers are targeting your e-mail. Here are steps to protect yourself.

July 2015 | By Sam Silverstein

During the economic downturn, real estate pros were on high alert for scams by perpetrators who preyed on cash-strapped home owners desperate to stave off foreclosure. Today, a new wave of scammers is breaking into people’s e-mail accounts to cull information about pending deals.

The hackers—posing as sellers, title company representatives, or even other real estate agents—instruct buyers, agents, or attorneys to transfer funds related to …

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City leaders set to support state bill aimed at removing squatters

City leaders set to support state bill aimed at removing squatters

Thieves target homes with ‘For Sale’ signs in Bakersfield

Thieves target homes with ‘For Sale’ signs in Bakersfield

Thieves target homes with ‘For Sale’ signs in Bakersfield – 23ABC News

May 23, 2014

KERO-23

BAKERSFIELD – Local real estate agents say break-ins at homes for sale have been on the rise.

It’s a problem that affects the homeowner, potential buyers, real estate agents, and insurance companies.

“Whatever thieves see a for sale sign, it’s like a beacon for them to commit the crime,” said Michael McCracken, real estate agent.

Appliance thefts were very common during the foreclosure boom, but the crime continues to occur.

15 PHOTOS | ‘For Sale’ …

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New group aims to crack down on real estate fraud

New group aims to crack down on real estate fraud

May 21st, 2014

KERO-23 BAKERSFIELD, Calif. – Real estate fraud is an ongoing issue in Kern County. Given what happened with the Crisp and Cole real estate fraud issue, there’s a new group in town that aims on cracking down on real estate fraud.

Real estate fraud comes in many forms, from mortgage companies inflating property values, to individuals who are upside down in their mortgage, being offered a quick fix by a company that is not reputable.

“Also, renters are subject to being victims of real …

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Crisp gets 17 1/2 years; wife ‘break of a lifetime’

Crisp gets 17 1/2 years; wife ‘break of a lifetime’

BY JOHN COX, Californian staff writer jcox@bakersfield.com

FRESNO — For their roles in a mortgage fraud case that rocked Bakersfield, David Crisp was sentenced Monday to 17 1/2 years in prison while his wife, Jennifer, received what the federal judge in the case called “the break of a lifetime”: five years probation.

David, 34, was immediately remanded to custody to begin serving what amounts to the same sentence given in February to his former business partner, Carl Cole, who like Crisp had pleaded guilty to conspiracy to …

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Carl Cole Sentenced in Real Estate Fraud Case

Carl Cole Sentenced in Real Estate Fraud Case

via www.bakersfieldnow.com

FRESNO, Calif. (KBAK/KBFX) — Carl Cole, one of the two main targets in a long-running real estate fraud case, was immediately taken into custody Monday after a federal judge sentenced him to 17½ years in prison.

Cole’s attorney had asked for a lighter sentence, due to his age and medical conditions. But the judge insisted on the longer one. Cole’s attorney also asked that he be allowed to stay out of prison long enough to get to some medical appointments, but again the judge refused.

“This, …

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Loan Officer Admits Recruiting Straw Borrowers

Loan Officer Admits Recruiting Straw Borrowers

Alexander A. Romaniolis, 48, Irvine, California, pleaded guilty to mortgage fraud. A federal grand jury returned the three-count indictment on March 21, 2013, charging Romaniolis with mail fraud.

According to court documents, Romaniolis recruited five straw buyers to purchase eight California residential properties in Rocklin, Roseville and San Clemente. Romaniolis assisted the straw buyers in providing false information to lenders about their employment, income, assets, and intent to occupy properties as primary residences. In most cases, the straw buyers claimed to be executives of companies created …

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