• News Ticker alerts

A federal grand jury in Sacramento on Friday (May 13) returned a 12-point indictment charging Folsom developer David Romo with mail and wire fraud and money laundering, according to the Sacramento Business Journal. The indictment states that Romo defrauded investors of more than $2.5 million through three real estate companies including Sycamore Ventures. My column of Oct 20, 2010 related how financial adviser Kevin Williams put San Diegan Martha Campbell, a retired and disabled customer service agent for San Diego Gas & Electric, into Sycamore. She was persuaded to put $340,000 into Sycamore. Her life savings were $428,000.The case went to arbitration; the panel concluded that Williams and others had been responsible for "fraud, gross misconduct, breach of fiduciary duty, and/or gross negligence" in handling Ms. Campbell's money. Romo is a convicted felon. Indeed, one of the points of the new indictment is that he failed to tell investors of his 2002 conviction for bank fraud. The current indictment says he diverted investors' money to his own use. Best, Don Bauder

  • News Ticker alerts

More like this:

Comments

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