Between 2007 and 2008, Woodard and his partner Michael Llamas of Tracy, began working with Lee Loomis, of Loomis Wealth Solutions. The men obtained the right to purchase discounted homes in California and other states. The homes were then sold to dozens of investors.
Loomis made a number of representations to the investors regarding the value of the homes, the management of the properties, and the amount of the monthly income associated with each property. As part of the Fraud, the investors were not required to make down payments. Several investors purchased multiple properties.
Loomis, Llamas and Woodard the obtained mortgages on the properties for their full market value. They failed to disclose to the mortgage underwriters that the homes had been offered for sale at a discount. Further, the trio used mortgage funds to make the required down payments on the properties without disclosing this to the lenders. The trio split the difference between the purchase price and the mortgage amount, and generated $3.5 million in profits between them. Approximately 220 properties were involved in the scam.
Woodard will be sentenced in February 2017 on the wire fraud charges. He faces a maximum sentence of 5 years in prison and a $250,000 fine.
Securities fraud attorney
If you’re facing securities fraud, investment fraud or conspiracy charges, you need the assistance of an experienced federal securities fraud attorney like Robert Helfend. Mr. Helfend has practiced criminal defense exclusively for more than 30 years. He takes cases in Ventura County and throughout Southern California, including cases tried in federal courts. Don’t risk your freedom by working with an inexperienced criminal defense attorney.
Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura County securities fraud case.
Photo Credit: squiddles, via Flickr.com
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