PRWeb - "$1.2 Billion Dollar Fraud Scheme Alleged in Southern California" (1-14-07)

"The law firm of Ackerman, Cowles & Lindsley filed a lawsuit against several real estate companies and professionals along with other purported investment groups. The suit alleges that some 400 or more investors were brought into a real estate "flipping" and "skimming" scheme operated by Jovane Investments, Stonewood Consulting, Inc., Pacific Wealth Management LLC (Nevada) and others. It is claimed that as many as 5000 residential home loans may go into foreclosure status within the next several months as a result of the alleged fraud."