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

Real estate scammer pleads guilty

Sold loans on properties he didn't even own

in federal court on Thursday, May 9, a San Diego–based real estate developer admitted to swindling 50 victims out of approximately $50 million according to a Department of Justice announcement.

Bradley Holcom, 55, pleaded guilty to committing wire fraud connected to the sale of promissory notes to investors across the country.

The loans allegedly created first-position liens on Arizona commercial and residential developments, giving lenders the opportunity to foreclose and take ownership of the property in the event the borrower defaulted.

But the properties upon which he obtained loans were already encumbered by other debts that had priority over the new loans. Some of the properties had even been sold to a new owner before Holcom's loans were even funded, effectively providing no collateral to the lenders despite his representations to the contrary.

Instead of providing his lenders with a true lien that would allow them to take over a property in the event of nonpayment, Holcom instead gave his lenders a stake that did not allow for the option of foreclosure, leaving his victims out of luck when promised returns failed to materialize.

Holcom is scheduled to be sentenced for his crimes on July 25.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

San Diego squeakers

Warner school district, Santee city council, Joel Anderson vs. Steve Vaus for county supervisor
Next Article

SPG turns RPG into BFD

Local costumed rockers are hot on the trail of a breakthrough

in federal court on Thursday, May 9, a San Diego–based real estate developer admitted to swindling 50 victims out of approximately $50 million according to a Department of Justice announcement.

Bradley Holcom, 55, pleaded guilty to committing wire fraud connected to the sale of promissory notes to investors across the country.

The loans allegedly created first-position liens on Arizona commercial and residential developments, giving lenders the opportunity to foreclose and take ownership of the property in the event the borrower defaulted.

But the properties upon which he obtained loans were already encumbered by other debts that had priority over the new loans. Some of the properties had even been sold to a new owner before Holcom's loans were even funded, effectively providing no collateral to the lenders despite his representations to the contrary.

Instead of providing his lenders with a true lien that would allow them to take over a property in the event of nonpayment, Holcom instead gave his lenders a stake that did not allow for the option of foreclosure, leaving his victims out of luck when promised returns failed to materialize.

Holcom is scheduled to be sentenced for his crimes on July 25.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Prickles of pepper at Gaslamp Breakfast Company

San Diego is a breakfast city
Next Article

Amazon’s Bezos gives Institute $30 million to find “cure” for ailing climate

Salk It To ‘Em
Comments
0

Be the first to leave a comment.

Sign in to comment

Sign in

Art Reviews — W.S. Di Piero's eye on exhibits Ask a Hipster — Advice you didn't know you needed Best Buys — San Diego shopping Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits City Lights — News and politics Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Excerpts — Literary and spiritual excerpts Famous Former Neighbors — Next-door celebs Feast! — Food & drink reviews Feature Stories — Local news & stories From the Archives — Spotlight on the past Golden Dreams — Talk of the town Here's the Deal — Chad Deal's watering holes Just Announced — The scoop on shows Letters — Our inbox [email protected] — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Of Note — Concert picks Out & About — What's Happening Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Pour Over — Grab a cup Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Set 'em Up Joe — Bartenders' drink recipes Sheep and Goats — Places of worship Special Issues — The best of Sports — Athletics without gush Street Style — San Diego streets have style Suit Up — Fashion tips for dudes Theater Reviews — Local productions Theater antireviews — Narrow your search Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Waterfront — All things ocean Your Week — Daily event picks
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
Close