Feds Seek Home Forfeiture From Alleged Scam Artist; Two Victims Say They Refinanced Their Homes To Invest In Phony Fund

In Sacramento, California, The Sacramento Bee reports:

• Federal prosecutors are preparing to take a Folsom man's million-dollar home away from him because, they say, he bought the home with part of at least $7 million stolen from victims of his investment fraud. In 18 months in 2006 and 2007, according to a civil forfeiture complaint filed by the prosecutors against the home, Stefan Andre Wilson collected more than $9 million from 45 investors and paid investors $2 million in purported "capital appreciation." The bulk of the balance - $5.1 million - was lost by Wilson day trading in the stock market, the complaint alleges.

***

• At least two victims interviewed by IRS agents said they refinanced their homes to make large investments in Christians in Crisis or CIC Investment Fund, the vehicle through which Wilson employed his scheme.

For more, see Folsom man's home to be seized over alleged investment fraud.