Investment Fraud Case May Lead to Around $70 Million in Restitution
A real estate lender has pleaded guilty to investment fraud and has allegedly agreed to pay $69.8 million in restitution to his victims. David Nilsen pleaded guilty to two charges and reportedly admitted to deceiving investors who put money into his California-based Cedar Funding.Cedar Funding was founded more than 30 years ago as a residential real estate investment company. Nilsen admitted that, from 2004 - 2008, his company failed to tell investors certain material facts pertinent to their investments.
Mr. Nilsen is currently scheduled to appear before a judge in February 2012 for consideration of his plea agreement.
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