| Mortgage Employees, Evangelist Among Players in Ponzi Scheme
4 accused of embezzling $400,000 December 6, 2004 By PATRICK CROWLEY |
| What do two California mortgage workers, a homeowner and a traveling evangelist have in common?The four have been arrested in what the Los Angeles County Sheriff’s Department has termed a Ponzi scheme fueled by money that was allegedly supposed to be invested in a restaurant and hotel development.
Instead, police say, the four stand accused of embezzling nearly $400,000 from 24 people who thought they were investing in a southern California land deal, LA County Sheriff’s Detective Bob Campbell told MortgageDaily.com. “It was a Ponzi scheme,” Campbell said in an interview. “Debts were being repaid with other people’s money.” Police have identified the leader of the scheme as Carletta “CeCe” McCray, 41, of Lancaster, Calif. Campbell said she allegedly bilked clients who believed they were putting up money to buy land at the Antelope Valley Mall for development of the restaurant and hotel. McCray worked at three southern California mortgage offices — MRE Lending and Interstate Mortgage Services in Lancaster and WMC Financial in the San Fernando Valley. In one instance, three couples gave McCray $69,500 to buy land for the development. But the property was not purchased and an escrow account was never even opened, Campbell said. She used most of that money to pay off a $9,500 loan and buy a San Bernardino home for another member of the scheme, Ron Bible, 54. Bible, who despite his name is not the evangelist, was charged with two counts of grand theft and was held on $60,000 bail, Campbell said. McCray was charged with 15 counts of grand theft and seven counts of money laundering. She was being held in jail on a $480,000 bond. Also involved was Regina Peel, 42, a traveling evangelist. She has been charged with seven counts of grand theft and four counts of money laundering for allegedly depositing about $80,000 of pilfered funds into her own bank accounts, including one in the name of “If My People Ministries.” Peel allegedly used $7,300 the stolen money to pay off a second mortgage and save her home from foreclosure, Campbell said. The money was supposed to pay for an appraisal of the land, but it ended up in Peel’s account, he said. Many of the victims met McCray and Peel at area churches, Campbell said. Also charged was Robert Pulido, 43, identified as the manager at Interstate Mortgage Services. He was being held on $370,000 bail and faces 11 counts of grand theft and three counts of money laundering. Campbell said Pulido has paid back some of the stolen money and has been assisting in the investigation since June. |
