Blogs | Scam Diego
Accused Ponzi Schemer LaChina Files for Chapter 7 Bankruptcy
By Don Bauder | Posted August 21, 2009, 7:13 p.m.
Richard LaChina (also spelled La China and Lachina), called "a serial Ponzi schemer and career impostor" in a civil suit filed in late 2007, on July 30 filed for Chapter 7 liquidation bankruptcy. The civil suit filed by irate investors is now on hold according to Scott Dreher, one of two attorneys who filed the suit. LaChina's former spouse, Kristen Gauss, had filed a bankruptcy case against him in April. In his petition, LaChina lists $33,684 in assets and $25 million in liabilities. He lists 95% ownership of ASSIS Computer Technologies and 100% of Costa Rica real estate assets, along with smaller percentages of other real estate. He lists a Harley Davidson worth $10,000, but he owes $15,700 on it. He owes large sums on credit cards to American Express, Bank of America, Citibank, and First National Bank of Omaha. He owes $20 million to Capital Source Finance, $1.5 million to First Mountain Bank of Big Bear Lake, and $480,000 to San Diego law firm Higgs Fletcher & Mack for business debt. And that's just a smattering of his obligations.
He owes $20 million to Capital Source Finance, $1.5 million to First Mountain Bank
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How could he possibly get that much credit from a commercial bank, with no collateral?
Something is fishy.
Tell the people who filed the civil suit against this guy that unless they can prove up a fraud claim-which they very well may be able to do- they won't be seeing any money.
And if they do get around the BK on fraud grounds they still probably won't see any money because this guy apppears "judegment proof".
By SurfPuppy619 9:03 p.m., Aug 21, 2009 > Report it
Response to post #1: You have to wonder how this guy got so many financial institutions to loan him money. Are you surprised at the huge number of bank failures, along with the big banks getting caught naked with CDOs, etc.? Note, too, how much he owes Higgs Fletcher. Best, Don Bauder
By dbauder 10:37 p.m., Aug 21, 2009 > Report it
Higgs Fletcher just ate a half million in fees.
By SurfPuppy619 10:14 a.m., Aug 22, 2009 > Report it
Response to post #3: Probably, but lawyers usually find a way to get first in line. Best, Don Bauder
By dbauder 10:27 a.m., Aug 22, 2009 > Report it
It looks like LaChina may have not reported all his assets on his bankruptcy filing. The FAA registry lists him as owning a Beech A36 aircraft. Don reported in an earlier Blog that LaChina owns an aircraft.
http://registry.faa.gov/aircraftinquiry/NNum_Results.aspx?NNumbertxt=354BL
By Burwell 7:38 p.m., Aug 23, 2009 > Report it
Higgs Fletcher just ate a half million in fees
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When this situation arises the partner in charge of the client often has to eat the loss and reimburse the partnership.
By Burwell 8:03 p.m., Aug 23, 2009 > Report it
It looks like LaChina may have not reported all his assets on his bankruptcy filing. The FAA registry lists him as owning a Beech A36 aircraft. Don reported in an earlier Blog that LaChina owns an aircraft.
http://registry.faa.gov/aircraftinquiry/...
By Burwell
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Good snooping Burwell, I wouldn't ever want you chasing after me.
Burwell, do you have any idea what the Beech is worth??
Don, call the BK trustee on Monday and pass along Burwell's info!
By SurfPuppy619 8:28 p.m., Aug 23, 2009 > Report it
Hey, I see we have not had La China come on here under any gimmick accounts yet like he did on the last piece, does anyone want some action that he will open some sock pupppet accounts and start tooting his own horn again???
I have a C note that says he will.
By SurfPuppy619 8:30 p.m., Aug 23, 2009 > Report it
Response to post #5: He is deficient on well over $1 million of airplane loans. In July, the airplane was repossessed by a lender. Best, Don Bauder
By dbauder 9:04 p.m., Aug 23, 2009 > Report it
Response to poste #6:Hmmm. That would certainly be a disincentive for becoming a partner. Best, Don Bauder
By dbauder 9:06 p.m., Aug 23, 2009 > Report it
Response to post #7: The 1976 Beechcraft Bonanza A36 was listed as worth $135,000 when it was seized in July. Best, Don Bauder
By dbauder 9:09 p.m., Aug 23, 2009 > Report it
Response to post #8: He is reported to be back in San Diego. I expect to see some posts that look suspiciously like his own. Best, Don Bauder
By dbauder 9:11 p.m., Aug 23, 2009 > Report it
Lachina has sparked the interests of the BK Trustee to the point that the US Trustee may become involved
By ONEWORLD 9:57 a.m., Sep 24, 2009 > Report it
Do you mean US Attorney?
Anyway, his bankruptcy case is still winding its way through court and has not been discharged due to filings of objections.
Mostly about internet domain names he owns that he did not disclose to the trustee that may be of some value.
His Harley Davidson motorcycle was repossessed. His Beechcraft also, as Don already reported, was also seized by the SD County Sheriff last summer.
However, Richard Lachina continues to tell people he owns that aircraft and uses photos of it (and a helicopter) on a matchmaker/ internet dating website. He also claims to have an income of over $100,000 while he reports and income of $0 in his bankruptcy filing.
An international con man who not only separates people from their money, but lies about his possession to lure women to communicating with him in hopes of a date (or more of course).
So he seems to have moved on from his divorce. Leaving his ex-wife and two children to live with her parents in El Cajon.
By Ponzi 2:36 p.m., Feb 15, 2010 > Report it