The Associated Press
Article Launched: 10/17/2008 06:32:33 AM PDT
PASO ROBLES, Calif.—Executives of the troubled Paso Robles lender Estate Financial have been arrested on 26 felony violations of the California Corporations Code.
Prosecutors say Karen Guth and Joshua Yaguda misrepresented investments in real estate backed securities, embezzling $500,000 and illegally taking more than $3.2 million.
San Luis Obispo County prosecutors, state investigators and FBI and Internal Revenue Service agents raided the rural Paso Robles property of Guth and Yaguda on Thursday and arrested the pair. Bail is set at $5 million each.
If convicted, they face more than 15 years in prison and $11 million in fines.
In May, the Department of Corporations revoked Estate Financial's permit to collect money from investors.
———
Information from: The Tribune, http://www.sanluisobispo.com
Subscribe to:
Post Comments (Atom)
1 comment:
Tons of problems have been surfacing in Mortgaged backed securities and overall discrepancies with who holds the note in so many instances. I'm sure title insurance is going to start going thru the roof!
source:
Fast Bail Bonds Henderson | Henderson, NV | (702) 628-9300
Post a Comment