Unwitting Investor Involved In Alleged $100M Mortgage & Investment Fraud Left Holding The Bag

Buried in a recent News10.net story on an alleged $100 million mortgage and investment fraud operation based in Sacramento, California is this excerpt describing one of the apparently unwitting investors who was duped into participating in the investment program:

• One Sacramento-area investor who asked not to be identified told News10 she and her husband bought four properties in California, Arizona and Florida through Loomis [Wealth Solutions] with the promise that Loomis would cover the mortgage, taxes and homeowners dues with the rents collected. The investor said three of the four properties were never rented and Loomis stopped making payments in August. She said the couple is left with at least $250,000 in losses and four pending foreclosures on their credit.

For the story, see Sacramento Fraud Fugitive a "Big Fat Liar?"

For more on this story, see Two Fugitives Nabbed In Alleged Mortgage & Investment Fraud Scam Involving 100s Of Homes, Many Now In Foreclosure; Lender Losses About $100M, Say Feds.