Southern California Man Settles With SEC In Alleged Real Estate Scam That Took At Least 95 Investors For $11M+

In Southern California, The Press Enterprise reports:

• Maurice E. McLeod, one of three Riverside County businessmen whom the Securities and Exchange Commission has accused of operating a massive real estate scam, accepted a court settlement that could require him to return ill-gotten gains. McLeod, James B. Duncan and Hendrix Montecastro are accused of defrauding at least 95 investors in multiple states of more than $11 million and forcing many of them into foreclosure.

• Pacific Wealth Management, Stonewood Consulting Inc. and Total Return Fund, all companies Duncan, Montecastro and McLeod controlled, also are named as defendants in the SEC lawsuit.

For more, see Real estate scam deal reached (One man in an investment fraud scheme has agreed to repay what he gained and penalties).

For the original complaint filed by the SEC, see Securities and Exchange Commission v. Duncan, et al.