Things are not all peaceful and quiet at Rancho Carlsbad, according to a report on Courthouse News Service.
Twenty investors say their property manager and general partner embezzled more than $20 million and covered it up by calling it a “loan,” or “interest.” Rancho Carlsbad Partners say William Geary then engaged them in phony property deals to make it look like he was straightening things out. . . .Rancho Carlsbad Partners say their partner Geary, a Los Angeles-based real estate manager, defrauded them by diverting for his own use money that belonged to the group when they needed it most. . . The partners say Geary’s frauds lasted for 7 years, from 2002 until 2009.
There is much more to the Superior Court complaint, but we’ll let you read that in the story.
[Link: Courthouse News Service]
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