Much like errant weeds after a spring rain, real estate fraud scams continue to pop up and victims continue to volunteer their reputations and their resources. Me, I can’t find a qualified buyer for a bargain priced home. These guys find suckers ready to shell out tens and hundreds of thousands of dollars to invest in housing they’ll never own for returns they’ll never see.
This latest revelation involves a Roseville-based ‘investment’ company called Loomis Wealth Solutions, formerly known as the Advantage Financial Group about one of their employees known as Christopher J. Warren, formerly known as Mark A. Seagraves. Folks, if there’s one thing I’ve learned in my brief sojourn on this planet, if you run into somebody with too many names working for a company with too many names, don’t give them your life savings. While that little rule may have kept me from making millions, it’s also kept me from losing millions.
So the story is about Mr. Seagraves/Warren who has been cooperating with U.S. Attorneys against the owner of the company, Lee Loomis regarding this classic Ponzi. This past week he decided to publish a tell-all seven page account of his mis-deeds on a website (sorry, I can’t find it). The next day he chartered a private jet (for $156,000) and fled to Mexico. The NEXT day, Federal prosecutors decided to formally charge him for his role in the $100 million mortgage fraud scheme. Hmmm. Timing seems a little bass-ackwards there boys.
Anyway, you can read the whole sordid story here:
By DON THOMPSON – Associated Press | ∞
SACRAMENTO —- Federal prosecutors said Friday that they charged a suspect in a $100 million mortgage fraud and investment scheme that spanned five states after he fled the country in a private jet this week.
You can read the a personal account by one of the victims here: Poor Dads Journey to Wealth
More detail about the company and the scheme here: Rip-Off Report – Loomis Wealth Solutions
And the California Dept. of Corporations Cease & Refrain Order here: DOC Cease & Refrain
There’s really only one way to stop this sort of thing from happening and that’s to get out in front of it by being informed. Law enforcement can stop it but, as in this case, 5 years and $100 million too late.