• Scam Diego alerts

Clementine Estrada pleaded guilty in federal court Friday (May 9) to a conspiracy charge related to her operation of two Escondido scams: the Crystal Rose and Sterling Rose Capitalization Programs. She promised investors returns of up to 90 percent a month, and claimed their capital would be protected. She admitted she fleeced 68 investors out of almost $2 million. She confessed that she misappropriated and dissipated the investors' money and provided them with false information. She also admitted that she violated terms of an earlier permanent injunction brought by the Securities and Exchange Commission. The sentencing hearing will be Aug. 8 at 9:30 a.m. before U.S. District Judge Barry Ted Moskowitz.

  • Scam Diego alerts

Comments

JohnnyVegas May 12, 2008 @ 4:59 p.m.

If anyone bought a 90% per month return, there is no hope for them. Seriously.

Nowe throw that dirtbag Clementine Estrada in the BigHouse where she belongs.

0

Don Bauder May 12, 2008 @ 6:01 p.m.

Response to post #1: It was W.C. Fields who said something like this: You can't cheat an honest man. Anybody who would believe that 90 percent a month was possible would almost have to be terribly naive, retarded, or completely smitten by greed. However, I have seen ones claiming more than 90 percent a month. And people bit. Best, Don Bauder

0

realnews May 12, 2008 @ 5:27 p.m.

There's two elements to a crime like this. One a con artist; the second someone who is a little to greedy.

On the other hand, check out this awful crime.

http://www.sacbee.com/749/story/932221.html

Suspect in massive real estate fraud taken into custody.

Jeff Allan McCoon, 42, appeared next to his attorney, Clyde Blackmon, who tried to convince Sacramento Superior Court Judge John P. Winn to continue the hearing until Thursday. McCoon did not enter a plea, and within minutes Winn ordered McCoon jailed over questions concerning the legitimacy of part of the $500,000 bail McCoon had posted last month.

He is scheduled to appear in court Thursday to potentially resolve the bail issue.

McCoon, whose trail of alleged crimes extend into Southern California and the Southwest, was arraigned on 111 charges, including counts that he falsified lien filings, illegally registered them and extorted money or threatened at least 51 residents from January 2005 through June 2006, according to the Sacramento County District Attorney's complaint.

"It obviously spans the country; it's just everyday folks who have their property and some outstanding debts ... and he's taking advantage of that," said Deputy District Attorney Keri Sternberg, who is prosecuting the case. "He's putting their homes at risk."

McCoon allegedly operated under the guise of a credit card debt collection agency, Pacific States Credit Co. of Palm Springs, which McCoon had registered with the California Secretary of State's Office in 1998, records show. Business records also show that he served as president of Sierra Consumer Acceptance Ltd., a company incorporated in the Bahamas.

McCoon, through his businesses, identified residents with outstanding debts using a company called Unifund, which buys debt information from banks.

McCoon researched individuals to identify who owned property, Sternberg said. He then allegedly falsified Uniform Commercial Code financial statements, filed liens with the county registrar's office and with the Sacramento Superior Court and then sent threatening letters to his victims, officials say, demanding money to lift the liens - a modus operandi also familiar to prosecutors in Orange County and the Arizona Attorney General's Office, who have separate cases pending against McCoon.

Sternberg said several of the local victims only discovered the liens when they were trying to sell or refinance their homes and ended up paying McCoon out of desperation.

"They felt they had no choice," Sternberg said.

Liens can cause long-term damage to credit and could jeopardize a homeowner's ability to sell or refinance their homes, but financial experts and Sternberg point out that credit debt is never secured by one's property. Credit card debt has no real connection to real estate.

0

realnews May 12, 2008 @ 5:28 p.m.

There's two elements to a crime like this. One a con artist; the second someone who is a little too greedy.

On the other hand, check out this awful crime.

http://www.sacbee.com/749/story/932221.html

Suspect in massive real estate fraud taken into custody.

Jeff Allan McCoon, 42, appeared next to his attorney, Clyde Blackmon, who tried to convince Sacramento Superior Court Judge John P. Winn to continue the hearing until Thursday. McCoon did not enter a plea, and within minutes Winn ordered McCoon jailed over questions concerning the legitimacy of part of the $500,000 bail McCoon had posted last month.

He is scheduled to appear in court Thursday to potentially resolve the bail issue.

McCoon, whose trail of alleged crimes extend into Southern California and the Southwest, was arraigned on 111 charges, including counts that he falsified lien filings, illegally registered them and extorted money or threatened at least 51 residents from January 2005 through June 2006, according to the Sacramento County District Attorney's complaint.

"It obviously spans the country; it's just everyday folks who have their property and some outstanding debts ... and he's taking advantage of that," said Deputy District Attorney Keri Sternberg, who is prosecuting the case. "He's putting their homes at risk."

McCoon allegedly operated under the guise of a credit card debt collection agency, Pacific States Credit Co. of Palm Springs, which McCoon had registered with the California Secretary of State's Office in 1998, records show. Business records also show that he served as president of Sierra Consumer Acceptance Ltd., a company incorporated in the Bahamas.

McCoon, through his businesses, identified residents with outstanding debts using a company called Unifund, which buys debt information from banks.

McCoon researched individuals to identify who owned property, Sternberg said. He then allegedly falsified Uniform Commercial Code financial statements, filed liens with the county registrar's office and with the Sacramento Superior Court and then sent threatening letters to his victims, officials say, demanding money to lift the liens - a modus operandi also familiar to prosecutors in Orange County and the Arizona Attorney General's Office, who have separate cases pending against McCoon.

Sternberg said several of the local victims only discovered the liens when they were trying to sell or refinance their homes and ended up paying McCoon out of desperation.

"They felt they had no choice," Sternberg said.

Liens can cause long-term damage to credit and could jeopardize a homeowner's ability to sell or refinance their homes, but financial experts and Sternberg point out that credit debt is never secured by one's property. Credit card debt has no real connection to real estate.

0

Don Bauder May 12, 2008 @ 6:04 p.m.

Response to posts #2 and 3 (identical): This one looks very bad. There are holes in the newspaper story, but I don't blame the reporter: possibly the information was not available. The promiscuous filing of liens can be a dangerous practice. Best, Don Bauder

0

Fred Williams May 14, 2008 @ 7:25 a.m.

If you think this is an unbelievable scam, listen to this one...

A sports-entertainment business proposes that it will have the city borrow hundreds of millions of dollars, blowing its good credit, and saddling it with debt until 2037.

This money will be used for stealing land and buildings from productive businesses and residents downtown. Once they are pushed aside, the city will build a ball park for the sports-entertainment business. While the city "owns" 70% of this structure, it will have NO say in how it is run. Also the sports-entertainment business will pay only token rent of 500k per year, while the city must provide police and traffic services for each and every event.

In addition, the city must give away all the surrounding property to the sports-entertainment business and its JudiciousManagementInstitution (JMI).

Not to worry, "tourists will pay" for this deal. Even though the TOT has been firmly directed right back into the hotelier's hands, and the hundreds of millions of dollars worth of very expensive bonds are now paid for out of the general fund...until 2037.

Okay, surely this couldn't be real.

Nobody would agree to a deal this dumb.

I mean, to finance such a boneheaded blunder you'd have to do something criminal like...I dunno, raid the pension fund. But certainly, the staffers and the city manager Jack McGrory would blow the whistle...unless maybe they get something like wildly expensive benefits or fat jobs promised to them to keep quiet, huh?

I mean, even so, voters would never go for it, would they? Huh?

What?

Oh.

Welcome to San Diego. Enjoy that ballpork...

(Isn't it time to sue John Moores for our money back?)

0

Don Bauder May 14, 2008 @ 8 a.m.

Response to post #6: That is a wonderful post. Keep sending us material, Fred. What is really tragic is that the City had a chance to vote on this scam. Citizens were presented material on what a ripoff it was. (I was one presenting that material.) We explained that the ballpark district would blossom one day, but it was folly to hasten the development through this ballpark subsidy that San Diego could clearly not afford. We preached over and over again that the money should go to infrastructure. Now we have a lot of condos there, but they are not even half filled, and probably won't be for a long while. But I will bet that most San Diegans who come to the ballpark district look around and see the tall buildings and figure the project is a great success. Of course, the public has been fed lies by CCDC, too. Moores won't pay the money back. He refuses to pay shareholders of Peregrine Systems. Best, Don Bauder

0

paul May 20, 2008 @ 9:23 a.m.

Don,

I am interested in solar panels and came across a company with an amazing new product. In an industry where improvements of 10%-15% are hugely significant, they are advertising solar panels that are 18 times more efficient (1800%) than standard industry panels.

Put another way, a current solar panel is able to collect about 15% of the energy hitting it. This new panel claims to collect over 200% of the energy hitting it, which is a pretty neat trick (not to mention violates the laws of physics).

The reason I thought you might be interested in this is that they are a Carlsbad company and they are running an obvious scam to sell dealerships and are taking down payments on panels that are physically impossible to produce.

Here is a good link explaining what they have been up to: http://twinkle_toes_engineering.home.comcast.net/~twinkle_toes_engineering/dbk_solar.html

Here is their website: http://dbksolar.com/

The president and patent applicant is Darry L Boyd Sr. I don't know anything about him.

0

mackison June 24, 2008 @ 8:15 p.m.

This may be the same Darry Boyd who was the president of a company called IWC who defrauded their private stock holders including myself out of hundreds of thousands of dollars. The company was International Weighing Corporation out of Carlsbad, CA.

0

torabora Jan. 30, 2009 @ 5:35 a.m.

There is something fishy about this guy Boyd. Some things are for sure, he has no revolutionary solar cell patents, no solar cell factory, no employees and his Carlsbad address is a mail drop. I call any or all of that fishy. He owns no land in Lassen County. The whole Lassen County solar farm was a ruse. If anyone gave this guy money for solar cells, you better figure on contacting your DA and the SEC.

0

Sign in to comment

Join our
newsletter list

Enter to win $25 at Broken Yolk Cafe

Each newsletter subscription
means another chance to win!

Close