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The Securities and Exchange Commission (SEC) late this week charged that Oregonian Bradley Holcom and San Diegan Jose Pinedo ran a fraudulent scheme selling $42 million of promissory notes to more than 150 investors, many of them seniors. Holcom lured investors by "offering them guaranteed monthly interest payments on purportedly safe deals," said the SEC. But it didn't work out that way: "Holcom was also running a classic Ponzi scheme," said the SEC, as new money went out to pay off earlier investors. The scheme collapsed as real estate fell apart in 2008, says the agency. Pinedo, who was Holcom's bookkeeper and an officer or manager of Holcom's numerous corporate entries, signed notes and false and misleading documents, says the commission.

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Comments

Don Bauder Oct. 4, 2012 @ 7 p.m.

OH, NO. NOT ANOTHER SAN DIEGO PONZI. Well, this one is a little different. Donald Lopez, who is from Denver, admitted today (Oct. 4) that he evaded taxes on almost $4 million in so-called investor funds that he received from convicted San Diego Ponzi schemers Matthew La Madrid and Moises Pacheco, who are serving long terms in the big house for real estate, mortgage and investment scams. Best, Don Bauder

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SurfPuppy619 Oct. 4, 2012 @ 8:09 p.m.

Elder financial crimes should have minimum sentences, too much of this BS going on against the elderly.

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