Two Sacramento-area men have been arrested in two similar but unrelated Ponzi schemes involving the buying and selling of real estate. Both men face five-count indictments.
Garry Bradford, 62, of Sacramento, was arrested on Tuesday, April 19, 2011, for his involvement in a real estate Ponzi scheme. Mr. Bradford pled not guilty at his arraignment the following day. He has been accused of committing wire fraud and was released from custody on a $50,000 bond.
According to reports, Royce Newcomb, 49, of Granite Bay, was also arrested on similar charges for his operation of a similar but separate real estate Ponzi scheme that duped investors out of hundreds of thousands of dollars. He was arrested on Friday, April 22, 2011. He faces five counts of wire and investment fraud
Both men allegedly solicited money from investors to invest in real estate on their behalf. However, both men have been accused of using the money to repay earlier investors. They also allegedly used some of the money for personal use.
The law firm of David P. Meyer & Associates represents clients who have been harmed by investment fraud. Give us a call today for more information. You may also fill out our online form.