The brazenness and cynical manipulation of these victims is beyond the pale.
– Lawrence Brown, Acting US Attorney
I just read an article from the front page of yesterday’s Roseville Press Tribune saying that a local outfit, Loomis Wealth Solutions, run by Granite Bay resident Lee Loomis, is another ponzi scheme: “Lawsuit: Ponzi scheme bilked millions. Invesors target GB resident Loomis for fraud”. The amount is said to be up to $100 million.
I must have missed this front page Sac Bee story on Loomis Wealth Solutions from February 22, 2009, “US describes alleged Sacramento-area mortgage fraud”, which goes into more detail about the operation.
Add that to the Folsom-based ponzi scheme also uncovered earlier this year.