Abbe Edelman, 50, Livingston, New Jersey, was arrested at his home by federal law enforcement officers on charges that he allegedly ran a real estate investment scheme that bilked victims out of $4 million.
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Adam J. Manson, 42, Old Westbury, New York, pleaded guilty to conspiracy to commit securities fraud for engaging in a $96 million Ponzi scheme with co-defendant and former investment fund manager Brian R. Callahan. The defendants diverted millions of dollars of investor funds towards the Panoramic View, an unprofitable 117-unit beachfront resort and residence development.
Bradley Holcom, 55, a real estate developer, admitted soliciting investors to provide funds for commercial and residential development through an investment program he operated called the Trust Deed Investment Program. Holcom falsely told investors that they would receive a lien on a specific piece of property he was developing and that the lien would enable them to take priority over any other potential liens or interests in the property.
Henry Thomas Hammond, 57, Ponte Vedra Beach, Florida, formerly of Liberty, Missouri, has been indicted by a federal grand jury for a $6.2 million series of investment fraud schemes. The defendant allegedly promised real estate investors an exorbitant rate of return, but instead, deposited investors’ funds into his personal bank account to make vacation home payments, and for elaborate hunting excursions
Joel Wilson, 31, Saginaw, Michigan, has been successfully extradited after fleeing justice for more than a year in Europe. Wilson faces nine felony charges dealing with three specific Michigan investors. Wilson allegedly told investors that he would use their funds to purchase distressed properties, refurbish them, and then sell for a profit.
Jose Manuel Goyos, Jr., 27, Jupiter, Florida, was sentenced to 96 months in federal prison for his role in a fraudulent scam promising timeshare owners that in exchange for an advance fee that typically exceeded $1,000, he would handle all the details of the sale and send the victims the proceeds after closing.
Matthew Stoen, 35, Wayzata, Minnesota, and formerly of St. Charles and Chicago, Illinois, was indicted on federal charges alleging that he fraudulently obtained more than $10 million from more than 50 investors and lenders.
Sharon Anderson, 51, Oakland, Tennessee, an attorney, was sentenced to 20 months in federal prison after soliciting clients to make what they believed were four separate short-term hard money loans for investors purchasing properties and awaiting conventional financing from banks.
Ronald Russell was sentenced to 13 years and 4 months in state prison for running a rent-to-own real estate Ponzi scheme. Russell was also ordered to surrender his real estate license issued by the California Bureau of Real Estate.
Patrick J. Belzner, a/k/a Patrick McCloskey, 45, Glen Arm, Maryland, pleaded guilty to a wire fraud conspiracy, wire fraud and tax evasion. Belzer admitted advising wealthy individuals and investment advisers that in order for the McCloskey Group to obtain loans for real estate projects, the loan broker required large sums of money be deposited in an escrow bank account to show liquidity. However, the investors’ funds were removed soon after being deposited and the stolen funds to pay for their personal and business expenses, as well as to make partial repayments to earlier lenders.