Waldman, Carman, Yard Orange County Boiler Room Allegedly Swindled over a Thousand out of $52 Million with High-end Real Estate Scam
On December 18 Robert Waldman appeared in Orange County Superior Court to plead guilty to a felony count of allegedly making a false statement in the sale or purchase of securities, according to reports from California. This action follows Jonathan Carman and Scott Yard reportedly admitting a day earlier to each committing more than a dozen felonies, including alleged acts of grand theft and securities fraud.
The trio was involved with the Irvine-based Carolina Development Company (CDC), which reportedly declared to be purchasing land to build high-end developments around well-known golf courses. Local authorities countered this claim, alleging that CDC was nothing more than a boiler room scheme aimed at defrauding investors.
CDC founder Carman and several employees were already in hot water with the SEC prior to their involvement with Carolina Development, and were not licensed in any way to sell securities, according to a trial brief filed by the California Attorney General’s office.
Carolina Development Never Developed Land, Paid Returns with Later Investments, Allegedly
CDC purchased some land, authorities reported, but it was never developed. Authorities also believe that some suspicious early investors, a pool of seniors who had dipped into their retirement funds, were paid returns on their investments taken from money provided by later investors, often a telltale sign of a Ponzi scheme, or financial chicanery.
CDC also agitated golfer and soft drink aficionado Arnold Palmer by falsely claiming he was a partner with the firm and continuing to use his image in promotional material, despite Palmer’s legal counsel ordering CDC to cease and desist.
To pour salt on the wounds, a search of Carman’s office also reported uncovering books entitled “Hide Your Assets and Dissapear” and “The Offshore Money Book,” according to the attorney general’s brief.
Investor Rights Lawyers Investigating
The Peiffer Rosca Wolf investor rights lawyers often represent investors who lose money as a result of investment misconduct, and are assisting any victims with the recovery of losses they may have suffered. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment misconduct may contact the investor rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.