Flipping Frenzy.com is your source for news, information, and commentary on Real Estate and Mortgage Fraud. 
If you believe you have been a victim of real estate or mortgage fraud, start here! Select your state from the pulldown menu below:
Placer County wealth seminar host charged with Ponzi fraud
A Placer County man who hosted hotel seminars promising his audience certain wealth has been charged with fraud by the Securities and Exchange Commission.
The civil complaint, filed Tuesday in Sacramento federal court, charges Lawrence “Lee” Loomis and his father-in-law, John Hagener, with taking at least $10 million from more than 100 investors by promising them a 12 percent return with no risk. SEC investigators said the money was instead used to prop up Loomis’ failing businesses.
News10 obtained videotape of one of the “Loomis Wealth Solutions” seminars hosted at a Sacramento hotel in December 2007. On the tape, Loomis promised investors they would become rich. “At a minimum, this is my vision for you. To have a net worth of at least ten million dollars. At least ten million. And many of you will have more, but at a minimum have a net worth of ten million,” Loomis told his audience.
In addition to the civil complaint, sources told News10 Loomis still faces a criminal probe in a $100 million multi-state real estate Ponzi scheme. Three former associates have already been charged and two are in custody.
In 2008, FBI agents raided Loomis’ Roseville offices and his Granite Bay home, and later seized his bank accounts. Placer County tax records show that Loomis’ home, valued at $1.6 million, was taken by the bank last summer.
by George Warren,
A Ralph Roberts Site, Copyright 2005-2008 |