FBI Arrests Head of Folsom Investment...

FBI Arrests Head of Folsom Investment Fund

There are 33 comments on the News10 Sacramento story from Feb 28, 2008, titled FBI Arrests Head of Folsom Investment Fund. In it, News10 Sacramento reports that:

A Folsom man accused of running an investment fund as a pyramid scheme and using investor money to buy a house, car and yacht has been arrested.

Join the discussion below, or Read more at News10 Sacramento.

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no surprise

United States

#24 Feb 29, 2008
I have known wilson since we were both 19 years old and he has been a scammer since day one. If the FBI really wanted to start investigating they would have to dedicate a department to uncovering all the stuff he has done. I see on the jail website that wilson was deemed "ineligable for bail" which is about right since he would flee the country in five minutes. Some of his investors should have known better but greed gets the best of them and they figure wilson will take care of them even if others lose out.

Since: Aug 07

Rancho Cordova, CA

#25 Feb 29, 2008
Those people who have posted and suggested that it's the investors own fault for being "too stupid" or "too trusting" make me sick.

I guess it's the jews fault for the holocaust too?
no surprise

United States

#26 Feb 29, 2008
Joemc3, I am not suggesting it is the innocent investors fault, however, i know people who knew Wilson and they knew he was a scammer and they invested anyway thinking that they would get their 24% nomatter where it came from. Really, though people have to beware of individual investment brokers who promise big returns. Why not walk into a Charles Schwab, A.G. Edwards, Morgan Stanley, etc. and invest? Because they don't promise huge returns. And the taking equity out of your home to invest? really, this isn't the investors responsibility to see this disaster coming? There are legit reverse mortgage program. Wilson and company were clearly not doing reverse mortgages for people. It's just incredibably painful for those who have lost enormous amounts of money.

“Where ever u go, there u are”

Since: Nov 07

Sacramento

#27 Feb 29, 2008
Joemc3 wrote:
Those people who have posted and suggested that it's the investors own fault for being "too stupid" or "too trusting" make me sick.
I guess it's the jews fault for the holocaust too?
Not a great comparison, not really even in the same ball park. While I feel for those that invested their hard earned money with this man, they have to take a fraction of the blame here. Taking a second out on your home to invest in something other than a solid, reputable business is remiss. I understand this man and his cohorts were very convincing, but what research did these folks do prior to pulling money out of their homes?

People are relentless, and I too could become a victim someday, but if that happens it would be in my best interest to understand what steps I missed so that this type of thing does not occur again.

I don't deny in anyway this Wilson guy and friends deserve a very long sentence, and I hope the investors are able to recover in some way, but this incident should be a lesson learned for everyone, even those not involved.

“And For My Next Trick.........”

Since: Nov 07

Watsonville CA

#28 Feb 29, 2008
smiling big wrote:
Thats Funny, the wife took his money and then turned on him. He was cheating on her and she was pissed!!! Its funny how things work out. She belongs in jail too. Shes playing victim again!!
Do tell? Sounds like you have more scoop on the story?
Barney

United States

#29 Feb 29, 2008
My sympathy is limited. Then again I don;t spend money on "investments". I simply do what I do, make a decent living and have no need or desire to be rich.

Call me odd but I believe in making money with tangible products. Heck I know a guy with a hot dog cart that makes $150,000 grand a year off a 7,500 dollar investment.

Be creative and start your own business, provide something tangible for people. Or you can float through life looking for the grand score or in this case a 24% return..........

BTW anything that promises a 24% return is risky and IMHO when looking for a financial "shortcut" some will lose. You guys lost now stop whining.
shaking my head

Roseville, CA

#30 Mar 1, 2008
Im not sure if anyone has really thought this out!! The wife was in on it and then turned because he was cheating on her. He paid for her boobs, tummy tuck & getting rid of her stretch marks, around 30000.00 to fix her up!!! Shes rotten too....... She has nothing to take or pay these people there money back!! She belongs in hell for calling her self a christian!! Shes a poor example of a mother!!
Danny

Hightstown, NJ

#31 Mar 2, 2008
I saw the presentation in their offices--big computer monitors all over the walls with high tech graphs of stocks, markets, etc. Probably all as real as a movie set. Very sincere speech about their investment approach and not getting "too arrogant" and thinking you can outsmart the market. In my opinion the legal system is too easy on criminanls like this. Thank goodness I didn't invest because I got a creepy feeling from these dudes.
Jeff Jones

Penryn, CA

#32 Mar 5, 2008
I would be interested in speaking with anyone who invested in this scam. Please email me at [email protected]

-Jeff
someone angry

Davis, CA

#33 Mar 8, 2008
He not only lied to the investors but people that worked for him as well and employees...they to lost all of there money. He will do a minimum of 10 years and I hope more, I also would love to see Christina take some of the wrap since she is just as full of crap as Steve is now that was a crazy couple!
Eric Shinn

United States

#34 Mar 8, 2008
Jeff Jones wrote:
I would be interested in speaking with anyone who invested in this scam. Please email me at [email protected]
-Jeff
Just like a scumbag lawyer to try to get richer off the misfortune of others. GO CHASE AN AMBULANCE DIRTBAG! I feel dirtier for having read your post...
Melisme

El Dorado Hills, CA

#35 Mar 8, 2008
Joemc3 wrote:
Those people who have posted and suggested that it's the investors own fault for being "too stupid" or "too trusting" make me sick.
I guess it's the jews fault for the holocaust too?
How can the Jews be responsible for something that never happened?
just curious

Huntington Park, CA

#36 Mar 19, 2008
shaking my head wrote:
Im not sure if anyone has really thought this out!! The wife was in on it and then turned because he was cheating on her. He paid for her boobs, tummy tuck & getting rid of her stretch marks, around 30000.00 to fix her up!!! Shes rotten too....... She has nothing to take or pay these people there money back!! She belongs in hell for calling her self a christian!! Shes a poor example of a mother!!
Where did you find this information? I used to know her (10+ years ago)... and she got her boobs WAY before she met him. The cheating thing though... where'd you get that from?

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