Estudios de caso
DenSco Investment Corporation, an Arizona-based hard money lender, primarily funded property purchases secured by deeds of trust using capital raised from individual investors. After falling victim to fraud, the company misrepresented the nature and value of its assets, resulting in significant financial losses for its investors.
Following the death of its sole owner, the Maricopa County Superior Court appointed a J.S. Held expert as a Receiver to take control of DenSco's remaining assets, pursue the collection of additional assets, and distribute recovered funds to investor victims on a pro rata basis. Our expert's role included investigating the firm's lending practices, uncovering the fraud schemes perpetrated on DenSco, pursuing multiple avenues of litigation to recover funds, identifying investor victims and quantifying their losses, and returning principal to defrauded investors.
After the Receiver assumed control of the DenSco loan portfolio, it was discovered that approximately 92% of the loan receivables-totaling nearly $44M-were due from a single individual and their related entities. Multiple instances of fraud were uncovered. The borrower had secured loans for the same properties from two different lenders, misleading each into believing they held first position. The borrower also requested loans from DenSco for properties that neither they nor their entities had purchased, presenting forged trustee's sale receipts and photos of cashier's checks that were never used to purchase real estate.
As part of the resolution process, our expert successfully recovered and distributed millions of dollars to defrauded investors. These efforts included liquidating real estate holdings and pursuing numerous claims against third parties. DenSco's net investment losses exceeded $31M, and the Receiver has collected and disbursed nearly $20M to investor victims over the course of the receivership.
Peter S. Davis, CPA, ABV, CFF, CIRA, CTP, CFE
Director ejecutivo sénior
Práctica de Asesoría Estratégica
+1 602 295 6068
[email protected]
Sara Beretta
Directora ejecutiva
Práctica de Asesoría Estratégica
+1 602 279 3185
[email protected]
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