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Choppy Waters for Mortgage Co. Owner
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April 13, 2009
A man who nearly lost his life after falling overboard from his motor boat returned from his rescue to find he is being accused of mortgage fraud and running a Ponzi scheme.
Mike Wilson spent five hours in cold, stormy waters off the coast of Ventura before being rescued by the Coast Guard. Reports said he was almost dead from hypothermia and exhaustion wearing only a t-shirt, shorts and tennis shoes when he was found.
Meanwhile, his office was receiving signs that something was amiss. Investors began faxing and calling the office wanting answers about their investments and whether or not their money was secure. Those who thought Wilson was a mortgage broker learned he didn't have a broker's license and had lost his real estate license as well as the corporate license for his company Pacific Coast Mortgage.
The news publication tracking the story estimates at least a few dozen investors and about $20 million are in question.
Read story at San Luis Obispo
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