Before You Invest Your Money » Down Payments

SEC Alleges that Sunwest Mangement Commited Fraud

Before You Invest — Fri, 11 Dec 2009 00:19:00 +0000

U.S. regulators charged Sunwest Management and its former chief executive with securities fraud on Monday, alleging that the retirement home operator lied to investors and eventually operated the business as a kind of Ponzi scheme.

The Securities and Exchange Commission accused Oregon-based Sunwest, which operates more than 200 retirement homes in the United States, and former chief executive Jon Harder of concealing the risks of investments and exposing investors to “massive losses,” Reuters said.

Between 2006 and 2008, Sunwest raised at least $300 million from investors and used the funds for down payments on approximately 100 retirement homes with the balance financed by institutional lenders and banks, according to the S.E.C.’s lawsuit.

Investors were told they were buying an ownership interest in a specific retirement home that would generate enough profit to pay a 10 percent annual return, and that Sunwest had a history of never missing a payment, the suit said.

SEC Alleges that Sunwest Mangement Commited Fraud is a post from: Before You Invest Your Money

John A. Yanchek pleaded guilty to conspiracy, money laundering and making false statements to a bank in connection with a $82.7 mil commercial loan.

Before You Invest — Thu, 05 Feb 2009 20:34:00 +0000

Authorities say a Sarasota, Fla., lawyer has admitted to participating in an $82.7 million mortgage loan scheme that defrauded seven banks.Federal prosecutors say 49-year-ancient John A. Yanchek pleaded guilty Wednesday to conspiracy, money laundering and making fake statements to a bank in connection with a commercial loan. The most serious offense, making fake statements, carries a maximum sentence of 30 years in prison and a $1 million fine.plea agreement says Yanchek and three other men conspired to get commercial loans to cover the buy of vacant land in Sarasota and Manatee counties. The plot was to obtain loans in amounts that would let the conspirators buy the property without down payments and then keep the extra money for themselves.

John A. Yanchek pleaded guilty to conspiracy, money laundering and making false statements to a bank in connection with a $82.7 mil commercial loan. is a post from: Before You Invest Your Money