- Associated Press - Thursday, May 8, 2014

SAN DIEGO (AP) - A real estate developer and mortgage broker has pleaded guilty in California for his role in a $50 million securities scam.

The U.S. attorney’s office says Bradley Holcom entered a plea to wire fraud on Thursday in San Diego federal court. He faces up to 20 years in prison.

Prosecutors say the Canby, Oregon, man bilked investors around the country who provided money for development deals.

Holcom acknowledged that he falsely told investors they’d receive liens on the property and could foreclose if he didn’t repay them.

Prosecutors say Holcom also sold properties that supposedly were serving as security for investors.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide