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California Real Estate Developer Pleads Guilty to Securities Fraud
A commercial real estate developer and mortgage broker has pleaded guilty to his role in a $50 million securities fraud scheme in California.
Bradley Holcom, 55, entered his plea before U.S. District Judge Cathy Ann Bencivengo, admitting to wire fraud in connection with the sale of approximately $50 million worth of promissory notes to investors throughout the United States.
According to court documents, Holcom solicited investors to provide funds for the development of raw land for commercial and residential purposes through an investment program he operated called the Trust Deed Investment Program.
However, Holcom falsely told investors that they would receive a first-position lien on a specific piece of property he was developing. In reality, he never provided investors with a lien in the property and instead conveyed a lesser interest that did not allow investors to directly foreclose on the property to protect their investment.
As part of his plea, Holcom admitted that his conduct caused approximately $50 million in losses to over 50 victims. He faces a maximum prison sentence of 20 years and is scheduled to be sentenced on July 25, 2014.
The case was investigated by the FBI’s Phoenix Division – Yuma Resident Agency, and is being prosecuted by Trial Attorney Henry P. Van Dyck and Deputy Chief Daniel Braun of the Criminal Division’s Fraud Section, and by Assistant United States Attorney Mark Pletcher of the United States Attorney’s Office for the Southern District of California.
The defendant, Bradley Holcom, is from Escondido, California and is 55 years old.
Mandatory Facts:
– Defendant: Bradley Holcom, 55, Escondido, California.
– Exact Criminal Charge: Title 18, United States Code, Section 1343 — Wire Fraud.
– City and State: San Diego, California.
– Exact Date: No date specified, but sentencing is scheduled for July 25, 2014.
– Sentence or Outcome: Maximum prison sentence of 20 years.
– Dollar Amount: $50 million.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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