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Hundreds Trying To Get Money Back from Real Estate Operation

Hundreds of investors are trying to get their money back from Corporate Funding Financial of America, formerly of B Street downtown, now purportedly located on India Street. The company bills itself as a trust deed investment firm, promising investors 10, 12 and 14 percent a year under various plans. One purpose of the money-raising was to make loans to finance real estate development in San Diego and Las Vegas, two of the hardest-hit real estate markets. On July 30 of last year, the Department of Corporations slapped a desist and refrain order on the company for selling promissory notes that include "an untrue statement of a material fact," according to the order. There are several suits against the company in superior court. San Diego attorney Matthew Powell is rounding up burned investors to try to recover funds, and determine if some of the pending projects can be completed and proceeds distributed to investors. He is also preparing an involuntary bankruptcy proceeding against one of the entities. He says it is important that two principals, Richard Habib and Luis Madrid, be removed from office. He says "multi-millions of dollars" were lost, primarily by Hispanic investors, but the amount of losses cannot be determined yet because "records were not kept very precisely."

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Hundreds of investors are trying to get their money back from Corporate Funding Financial of America, formerly of B Street downtown, now purportedly located on India Street. The company bills itself as a trust deed investment firm, promising investors 10, 12 and 14 percent a year under various plans. One purpose of the money-raising was to make loans to finance real estate development in San Diego and Las Vegas, two of the hardest-hit real estate markets. On July 30 of last year, the Department of Corporations slapped a desist and refrain order on the company for selling promissory notes that include "an untrue statement of a material fact," according to the order. There are several suits against the company in superior court. San Diego attorney Matthew Powell is rounding up burned investors to try to recover funds, and determine if some of the pending projects can be completed and proceeds distributed to investors. He is also preparing an involuntary bankruptcy proceeding against one of the entities. He says it is important that two principals, Richard Habib and Luis Madrid, be removed from office. He says "multi-millions of dollars" were lost, primarily by Hispanic investors, but the amount of losses cannot be determined yet because "records were not kept very precisely."

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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