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Another Ponzi Scheme Targets Seniors

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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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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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
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