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Commercial real estate developer and mortgage broker Bradley Holcom today (November 10) was sentenced to ten years and one month in prison for orchestrating a $50 million securities fraud scheme that preyed on 150 persons, many of them elderly. Many of the senior citizens were in the courtroom — some sobbing that they had lost their retirement money.

Holcom solicited investors to provide funds for development of raw land through his so-called Trust Deed Investment Program. He told investors they would have a lien on the land and the lien would be in first position. But investors never got a lien on the property he was supposed to be developing, and only got a lesser interest that did not permit them to directly foreclose on the property to protect their investment.

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Comments

Ponzi Nov. 11, 2014 @ 7:22 a.m.

He'll go to Lompoc or Taft and improve his golf swing. For that many victims ten years does not seem long enough. If he were charged with 50+ counts of elder abuse, he'd be locked up for life. He's lucky the Feds got him before the DA.

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Don Bauder Nov. 11, 2014 @ 8:07 a.m.

Ponzi: I agree. The fleecing of that many people deserves more than ten years. And elder abuse should have been one of the charges. He pleaded to wire fraud. I suppose that came after a lot of horse-trading, but still, the facts as they stand merit a stiffer penalty. Best, Don Bauder

1

CaptainObvious Nov. 11, 2014 @ 10:11 a.m.

$5 Million a year to hang with his homeboys? Good deal for him. He wont serve that much time though. Was any money recovered?

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Don Bauder Nov. 11, 2014 @ 11:52 a.m.

CaptainObvious: None recovered to my knowledge. Best, Don Bauder

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