[Feb. 18, 2009: Orange County Real Estate Lender Dan Harkey is accused of bilking investors,alleging he
"exaggerated the value of properties used as collateral by
borrowers," bilking dozens of investors out of more than $15 million.
Harkey denied wrongdoing, blaming the downturn in the real estate and financial
markets. Many victims of this scheme were elderly.]
Investor Losses Caused by "Catastrophic Change in Market"
Point Center Financial continued collecting millions of dollars in fees on foreclosed loans while refusing to let investors withdraw their money, founder Dan Harkey admitted on the witness stand this week.
Harkey blamed a "catastrophic change in the market" for massive losses that landed him in court.
Investors are suing Harkey, his wife, Assemblywoman Diane Harkey, R-Dana Point, and his Aliso Viejo company, Point Center Financial, for $43 million in Orange County Superior Court.
The fraud trial, now in its fourth week, is expected to last into June.
Full Article and Source:
Investor Losses Caused by "Catastrophic Change in Market"
For more information:
PointCenterInvestigation.com
READ the complaint
Fateful Week for the Harkeys of Dana Point
Assemblywoman Diane Harkey's Civil Trial Delayed
It's so upsetting to know vultures are out there trolling for vulnerable elderly people to bilk...
ReplyDeleteThis is going to be an interesting case to watch. I hope they throw the book at him.
ReplyDeleteI hope every reader forwards this blog to every newspaper and makes a nation-wide example out of Mr. Harkey's actions!
ReplyDeleteThanks for posting, NASGA. Dan Harkey took advantage of many old people who will never recover. He should be charged with Elder Abuse as well.
ReplyDelete