Real Estate Fraudster Cops To Conspiracy In $70M Deal

Law360, New York (October 24, 2011, 10:01 PM EDT) -- The owner of bankrupt lending company Cedar Funding Inc. agreed to pay $69.8 million as part of his guilty plea to allegations that he misled real estate investors when borrowers began defaulting on their loans, U.S. Attorney Melinda Haag announced Monday.

David A. Nilsen, 61, of Seaside, Calif., pled guilty to one count of conspiracy to commit mail and wire fraud two years after he was indicted on 31 counts of conspiracy and mail, wire and securities fraud. According to the indictment, investors lost more than...
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