Sports Caster Convinces Victim to use Home as Collateral for Investment Project

admin —  January 12, 2010 — 1 Comment

Michael John Smith, 64, Laguna Hills, California, and Bruce Howard Furst, 57, Laguna Hills, California, have been charged with one felony count of grand theft with sentencing enhancements and allegations for loss over $100,000 and property damage over $200,000.  

Smith, a professional sports commentator, will be arraigned on charges of stealing $735,000 from a retired school teacher, who has an inoperable brain tumor, by convincing the victim to use his paid-off home as collateral for a development investment project.  Furst, a co-defendant is also charged in this case.  If convicted, the defendants face a maximum sentence of five years in state prison. The People will be requesting $735,000 bail, to reflect the theft amount, at Smith’s arraignment.

Furst is scheduled for a pre-trial hearing on Feb. 3, 2010, in Department C-55. He is out of custody on $25,000 bail over the objection of the People, who advocated for $735,000 bail to reflect the theft amount.

In January 2008, Smith is accused of repeatedly soliciting his long-time friend, William S., to invest in a development project in Dana Point, California, in which he and Furst were involved. The victim, a 65-year-old retired school teacher with an inoperable brain tumor, repeatedly refused. Smith is accused of eventually persuading William S. to put up his paid-off Dana Point, California, home as collateral for a $735,000 loan.

Smith and Furst are accused of inducing the victim to turn over his money by falsely representing to the victim that he would be the sole recipient of a promissory note, the loan was safe and 100 percent guaranteed, the loan would be for a maximum of two months, and that the defendants would sell their own homes before letting William S. lose his home.

The development project in Dana Point never materialized and Smith and Furst are accused of failing to repay the victim. They are accused of assuring William S. that they would repay him using money from another project, but failed to make the promised payment.

An escrow account was established for six months to pay the $7,200 monthly mortgage on William S.’s home. The defendants are accused of failing make any payments toward the victim’s mortgage after October 2008, despite their agreement with the victim to ensure his mortgage was paid. William S. contacted the Orange County, California, District Attorney’s Office in July 2009 to report the theft.

The victim, who cannot afford a $7,200 monthly mortgage, is expected to lose his home. The defendants have not put their homes up for sale, despite promising William S. that they would do so. Smith is a sports commentator for the Los Angeles Clippers.

Deputy District Attorney George McFetridge of the White Collar Crime Team is prosecuting this case.

Be Sociable, Share!


Posts Google+

One response to Sports Caster Convinces Victim to use Home as Collateral for Investment Project

  1. Bruce you shouldn’t have had that wet brain -drunk -druggie- porno has been- Lisa Maebe aka D’Andrea lie about me being ‘alone with Rick’ you really finally have my full attention …Kymm Britton, aka Kym and Dennis Burner aka Boerner, Brian and Thompson and Vladimir…whatever…Lydia got Segerstorm to bail it out? well the Victory I WON and OWNED that Bldge and filed a lien on it at 4:55pm …you see IF I focus all my attention I can prevail like that …but the LAW OF LATCHES applies as the settlement was based upon fraud and loss not profits from MY INVESTORS (INVESTOR). Court is to good for you I’ve lost Evelyn and to a criminal malicious attorney Scott Belasco…and a absentee judge James E. Rogan (Who is a rubber stamp of the DA/PD Atty) never ever OPENS the FILE…the most ludicrous negligent non impartial administrator of judicial performance ever…all because of your smear…EVELYN WAS MY WORLD FINALLY TRUE LOVE…I wasn’t bothering anyone…
    YOU ARE A CAREER CRIMINAL AND I KNOW THE SECRET…and I have THIS to give myself at Christmas. A GIFT OF REPRISAL …MORTGAGE REAL ESTATE FRAUD that Edward F. (CROOK-SUE ME ED COME ON DARE YA!)ALLEBEST forged Howard I. Furst Will. 18 pages!!!
    Too greedy, Sam Dad told Sam what he was leaving him (beyond real estate) and I lived with worked and partied yea partied with dear old Dad BEHIND YOUR BACK FOR TWO YEARS and even had his trust account! Lying bastard…you hurt Beverly by not letting me come to the funeral, notwithstanding me, unlike you I have a heart and really loved my Dad.
    a ninth seat in the circle of hell is reserved for you and what about your girlfriend Cat? and Lisa says the kid is yours? Alicia can’t be that impaired, well…maybe-THE RULE OF

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>