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Amerifund Home Mortgage

AmeriFund Smart Homes "Home Retention Department" CALL 800-FUND-911 TO SAVE YOUR HOME!

AmeriFund Smart Homes has been in business based in the foothill of La Verne, California for over 22 years. The ower Russell J. Massro is the ...

Financial Fraud

An elaborate and long-running financial fraud carried out by a Florida man and co-conspirators cost business executives and shareholders of publicly traded corporations more than $100 million—losses that in some cases forced companies to close their doors.

Jeffrey Spanier, who was recently sentenced to eight years in prison for his role in the scheme, fleeced some very savvy businessmen, including CEOs. “These were sophisticated investors asking the right questions,” said Special Agent John Roberts, who investigated the case from the FBI’s San Diego Division along with Special Agent Bridgid Cook. “But because of Spanier’s deception, misrepresentation, and omission of facts, it was very difficult for these businessmen to see the red flags and to protect themselves.”

Beginning in 2004 and continuing on and off for nearly a decade, Spanier’s firm, Amerifund Capital Finance, worked in conjunction with San Diego-based Argyll Equities to arrange loans to companies that needed operating capital or an infusion of cash to grow their businesses. In exchange, borrowers pledged company stock as collateral.

In Real Estate We Trust

     Thirty years ago Judy Lynn-McDowell and her husband, Michael McDowell, who live in Northwest Woods, were advised by the trustees of Mr. McDowell’s mother’s estate to invest in a real estate investment trust, offered by Merrill Lynch. They purchased 35 shares at $1,000 each in “downtrodden waterfront condos” in Southern California that were on the drawing board to be renovated. Alas, they never were.

     “One month I looked at the statement and it was gone. . . . That was it. It went belly up. There was no accountability whatsoever,” said Ms. Lynn-McDowell, who was once a financial trader and now works as a mortgage banker-broker out of her home for Amerifund.

      Her experience with a real estate investment trust is fairly typical (except the part about the disappearing developer). Shares are sold to finance a real estate project or to allow investors to profit from income-producing real estate. According to Wikipedia, the “REIT structure was designed to provide a real estate investment structure similar to the structure mutual funds provide for investment in stocks.” Since commercial real estate provides rent rolls, real estate investment trusts have historically been predominately commercial.

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