Articles Tagged with real estate

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A federal investigation of a company in Irvine that offers financial and insurance services has led to charges for three executives of the firm who have allegedly been found to have stolen investments totaling over $4 million from several elderly clients.

50-year-old Mehmet Fatih Biyikoglu is the CEO and founder of Five Star Financial Services, LLC, a financial management and insurance firm in Orange County. 58-year-old Anna Marie Holt serves as the company’s president and chief operating officer, and Ida Shaghoian, 38, was a sales agent who was also once married to Biyikoglu.

The company practices have been under investigation that has led to accusations against Biyikoglu, Holt, and Shaghoian purporting that between 2014 and 2015 they recruited clients, typically elderly people, and assured them that if they invested into certificates of deposit they would earn significant returns. Instead of taking the clients’ money and putting it into a JP Morgan Chase Bank CD account as promised, the suspects have been accused of taking over $4 million in investments and using the cash for personal items such as real estate, jewelry, and expensive automobiles.

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Angel Bronsgeest, a 55 year old woman from Lake Forest, plead guilty on Monday to federal charges of being involved in a real estate scam that cost Southern California investors $3.5 million, according to the United States Attorney’s Office.

Bronsgeest admitted that she, along with Shawn Watkins, a 46 year old man from Utah, would allegedly solicit the victims at Orange County hotel seminars and ask them to invest in their company, The Equity Growth Group. The two claimed that their company managed hundreds of properties, generating income from their rents, which was used to buy new properties. The investors were told they would be getting interest payments and that their money was secured by collateral through filing deeds of property trusts.

“Investor money was not used to acquire new properties, nor was it secured by collateral, and many victims did not receive interest payments. In fact, money that was paid to some victims as purported interest or a return on their investment came from investments made by other victims,” the Attorney’s Office said in a statement.