Mostly stuff we’ve heard already … here’s the new stuff:
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The plaintiffs in the latest suit, Anna Richter and Deborah Weber, said they were persuaded by the defendants to extract all the equity from their homes, which was subsequently wired to accounts that the defendants controlled. They never received the promised returns, the suit said. …
Richter said in an interview Monday that she became an investor with Pacific Wealth in April on the advice of a friend from church. Richter, 39, who until recently was a senior chemist at California Steel Industries in Fontana, said she and her husband, Mark, 44, a senior inspector for California Steel, hoped their investment profits would enable Mark to go into the ministry.
Richter said she borrowed $187,000 on their house in Rialto that Pacific Wealth used to help her and her husband buy three more homes. In addition, she said, Pacific Wealth opened credit cards in her name on which she borrowed $76,000 in cash. She said she invested that and another $15,000 from her 401(k) for a six-month investment that Pacific Wealth was touting in foreign currency.
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