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This land is my land
Real estate swindler gets ten years in the big house
Commercial real estate developer and mortgage broker Bradley Holcom today (November 10) was sentenced to ten years and one month in prison for orchestrating a $50 million securities fraud scheme that preyed on 150 persons, many of them elderly. Many of the senior citizens were in the courtroom — some sobbing that they had lost their retirement money.
Holcom solicited investors to provide funds for development of raw land through his so-called Trust Deed Investment Program. He told investors they would have a lien on the land and the lien would be in first position. But investors never got a lien on the property he was supposed to be developing, and only got a lesser interest that did not permit them to directly foreclose on the property to protect their investment.
Here's something you might be interested in.
This land is my land
Real estate swindler gets ten years in the big house
This land is my land
Real estate swindler gets ten years in the big house
Commercial real estate developer and mortgage broker Bradley Holcom today (November 10) was sentenced to ten years and one month in prison for orchestrating a $50 million securities fraud scheme that preyed on 150 persons, many of them elderly. Many of the senior citizens were in the courtroom — some sobbing that they had lost their retirement money.
Holcom solicited investors to provide funds for development of raw land through his so-called Trust Deed Investment Program. He told investors they would have a lien on the land and the lien would be in first position. But investors never got a lien on the property he was supposed to be developing, and only got a lesser interest that did not permit them to directly foreclose on the property to protect their investment.
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