Ponderosa Home Loans Investigated for Alleged False Deeds of Trust
The Nevada County District Attorney’s office is investigating a Grass Valley loan company for allegedly defrauding more than a dozen investors of more than $2 million in an alleged Ponzi scheme involving falsified first deeds of trust. The victims invested amounts from $40,000 to $425,000 with Ponderosa Home Loans. According to the Nevada County District Attorney’s office, an ‘official of the firm’ approached the DA’s office several weeks ago with documents indicating that several loans made by the company were fraudulent or non-existent.
Hello. My name is Emily, and I know firsthand that that scam isn’t the only one here in Nevada County. A few choice loan offices have been running a ponzi scam here, and my family is one of the many victims. My family is over 7 people, and we now have to live on less than $400 a month. It isn’t easy. I can’t wait for this ordeal to be over. People in power should never use their authority for their own advantage. Never. Always think of the people. It makes me sick to watch my little brothers and sisters curl up intheir tiny bunks in our moldy trailer and know that this could have been avoided. That they could be in a normal bed int heir own room, in a warm house, if only we had stayed in Washington. If only.