Troubled times hit Paso lender

Troubled times hit Paso lender

There are 84 comments on the SanLuisObispo.com story from Feb 25, 2008, titled Troubled times hit Paso lender. In it, SanLuisObispo.com reports that:

“In spite of the historically low interest rates on conventional take-out loans, fewer people are qualifying for the limited funds banks have to lend”

In another sign of how the mortgage lender crisis has hit San Luis Obispo County, Estate Financial Inc. is having money problems, leaving developers unable to finish projects and investors wondering when they'll get their money back.

Karen Guth, president of the real estate lending company in Paso Robles, said Estate Financial's troubles are due to 'the lack of liquidity' caused by the significant drop in qualified buyers for the company's real estate investments.

'We're trying to finish our projects, but there are not a lot of people buying houses these days, and so our loans are not selling off,' Guth said. 'Our problem is not unique. It's a cycle in the real estate market and it's a cycle in a credit market, a perfect storm of bad news.' Read more

Join the discussion below, or Read more at SanLuisObispo.com.

Dan

San Luis Obispo, CA

#63 Jun 23, 2008
From uncovered SLO:
Anonymous says:
Barb:
Many of the posts trying to link Hertel related entities are all from a certain con man whom Dan Blackburn wrote a cover story about for the New Times in April of 2004. Since moving to town, all he's done is move from one con to another. His next one is to dupe EFI investors a second time. Be wary as to any of the info you take from bloggers. Give Dan a call and he'll be happy to feed you more information.
Jimmy

Atascadero, CA

#64 Jun 26, 2008
Joanne, off paper money is excactly that, money with no trail. money you can't follow. If you were an individual investor in a project with maybe 5 to 10 others eventually you might be able to get 50% of your investment back less attorneys fees,taxes,lost equity,etc. All the others in the "pool" I'm affraid will probably get little or nothing. Litigation is expensive and takes many years to sort through.....good luck
Jane Doe

Hayward, CA

#65 Jun 27, 2008
Dan Harkey just put millions into a new business AND rebought a piece of "sewer" property that he already owned by a different company of his, for the same amount that he originally paid! Does that sound like he was too broke to pay back his investors???(who, by the way, are primarily elderly and used their life savings as an investment!!) Dan and his cohort, Gwen, both left the country recently (separate trips)... perhaps hiding money overseas? Better get this guy BEFORE he hides everything and files bankruptcy!
MKK

United States

#66 Jul 6, 2008
Jane Doe wrote:
Dan Harkey just put millions into a new business AND rebought a piece of "sewer" property that he already owned by a different company of his, for the same amount that he originally paid! Does that sound like he was too broke to pay back his investors???(who, by the way, are primarily elderly and used their life savings as an investment!!) Dan and his cohort, Gwen, both left the country recently (separate trips)... perhaps hiding money overseas? Better get this guy BEFORE he hides everything and files bankruptcy!
Yes, they all have been concealing assets, one such matter is under a probe Ron W. Hertel and partner Robert JS Fowler have defaulted on Point Center for about $21 Million bucks Harkey filed for default against them as Atascadero Ventures, LLC they have also moved monies to VERDOT Group, L.P. and VERDOT, LLC with 5 Mild Bridge Wines follow the money, it is a federal crime to lie and perjury on loan applications as is what RW Hertel & Sons, did with Fowler and Hertel lying under USC title 18 sec 1014 just let the authorities complete the case, it is a major fraud matter.
Karyn

United States

#67 Jul 8, 2008
Now that they are in BK we were warned this would happen ? At least now the Feds can investigate for fraud on all of them.
Barry Sullivan

United States

#68 Jul 8, 2008
Karyn wrote:
Now that they are in BK we were warned this would happen ? At least now the Feds can investigate for fraud on all of them.
Yes, we were warned and some of us took heed and did what we needed to do. However as I am in possession of some confidential documents and electronic tapes that also seem to indicate some very serious illegal activities by none other than those two developers namely Ronald Woolsey Hertel (Nov/17/1956) and his partner in crime Robert John Samuel Fowler the information is enroute to the Los Angeles Office of the United States Attorney's Office. It will be proof they intended to default on many loans and screw investors. Hold on it is coming to an end soon and when they file bankruptcy sometime I'm told in August the Gov't will be all over this.
john doe

San Luis Obispo, CA

#69 Jul 11, 2008
there are laws against impersonating others and releasing personal information in a public forum. expect to be contacted
LostInvest

Coachella, CA

#70 Jul 13, 2008
Is there a list of developers with projects? Someone said they were trying to buy there project and EF would not take it. Where does that stand? Are these really viable projects and developers?
RW Hertel Sued again

United States

#71 Jul 14, 2008
Troubled Builder and Con Men Robert Fowler and Ron Hertel of RW Hertel & Sons AGAIN have been sued in multiple cases. PAso Robles Court is reporting massive New Suits against Hertel et al

SC-088246
SC-088248 thru 252

As was reported over the weekend by the HADD web site and Modesto Bee that Troubled Builder Hertel was cited and could be fined of up to $250K the builder is now the subject of many lawsuits and State and Fedreral Investigations for Fraud, Wire Fraud, Bank Fraud, Loan fraud, Grand Theft and Failure to pay Court ordered judgments he is already in default on so many loans it spins my head.
An innocent bystander

West Tehama County, CA

#72 Jul 16, 2008
He's right, here's a link

http://www.slocourts.ca.gov/court/docs/SC5day...

Page 6 - Dan Conner vs. Kelly Gearhart on 7/21/08 and Conner vs. Hertel & Sons on 7/28/08.
Gretchen

United States

#73 Jul 17, 2008
An innocent bystander wrote:
He's right, here's a link
http://www.slocourts.ca.gov/court/docs/SC5day...
Page 6 - Dan Conner vs. Kelly Gearhart on 7/21/08 and Conner vs. Hertel & Sons on 7/28/08.
I agree as well, for your information Hertel & Fowler have been slowing moving assets and into other names and LLC's to avoid Creditors claims, they are going to file Bankruptcy and they have NO PLANS on paying of the people they have scammed or ripped off, just last week they were cited at the Diablo Grande Legends in Patterson for destroying the land, bottom line is this is one big scam by Ron Hertel and Robert JS Fowler, the good news is the FBI, IRS and Attorney General's Office are on to the con and are waiting to bring Justice to their door step.
Dennis

Palm Desert, CA

#74 Jul 19, 2008
I am the builder of Santoro and Starlight. I feel I can help the investors on these projects. My problem is, I can't locate most of the investors. Email me with your name and contact and also as many other investors as you are aware of. [email protected]
Dennis

Palm Desert, CA

#75 Jul 19, 2008
LostInvest wrote:
Is there a list of developers with projects? Someone said they were trying to buy there project and EF would not take it. Where does that stand? Are these really viable projects and developers?
I'm in Cathedral City. I developed Santoro Estates and Starlight. Contact me at [email protected]
Jimmy

Santa Barbara, CA

#76 Oct 16, 2008
Attention Estate Financial Investor Victims:

I have just been informed by John Tooley, Senior D.A. Investigator, that
Karen Guth and Joshua Yaguda were handcuffed and arrested at their homes,
today.

Both Guth and Yaguda have been taken into custody by a joint task
force comprised of the San Luis Obispo District Attorney Office, Department of
Corporations, Department of Real Estate and the FBI. The case will be
prosecuted locally. A five million dollar bail has being set for each of
them. Guth and Yaguda's Passports have been confiscated. There are 26
felony counts charged against Guth and Yaguda. For at least 3 days, both
are to remain in police custody, at the San Luis Obispo County Jail. A
white collar crime enhancement has also been charged, which supports the
filing of Lis Pendens against their personal properties, cars and all
assets. A source of bail motion has been filed that will stop them from
posting bail until a hearing is held, and the Court determines the bail
money did not come from ill-gotten gains.

I want to take this time to thank the District Attorney Office for their
efforts in filing the case. I openly support the District Attorney's
office. They are doing such a superior job, even though it has been a
lengthy investigation, devoting many many man hours, in this ongoing
investigation. Their job will not stop, until they can help bring justice
to us all.

Please be patient. With time, the positive end result we all are seeking,
will come forthright.

That is all the news for now.
Finally

Atascadero, CA

#77 Oct 17, 2008
Jimmy wrote:
Attention Estate Financial Investor Victims:
I have just been informed by John Tooley, Senior D.A. Investigator, that
Karen Guth and Joshua Yaguda were handcuffed and arrested at their homes,
today.
Both Guth and Yaguda have been taken into custody by a joint task
force comprised of the San Luis Obispo District Attorney Office, Department of
Corporations, Department of Real Estate and the FBI. The case will be
prosecuted locally. A five million dollar bail has being set for each of
them. Guth and Yaguda's Passports have been confiscated. There are 26
felony counts charged against Guth and Yaguda. For at least 3 days, both
are to remain in police custody, at the San Luis Obispo County Jail. A
white collar crime enhancement has also been charged, which supports the
filing of Lis Pendens against their personal properties, cars and all
assets. A source of bail motion has been filed that will stop them from
posting bail until a hearing is held, and the Court determines the bail
money did not come from ill-gotten gains.
I want to take this time to thank the District Attorney Office for their
efforts in filing the case. I openly support the District Attorney's
office. They are doing such a superior job, even though it has been a
lengthy investigation, devoting many many man hours, in this ongoing
investigation. Their job will not stop, until they can help bring justice
to us all.
Please be patient. With time, the positive end result we all are seeking,
will come forthright.
That is all the news for now.
It is about time they got arrested albeit way too late since they had long ago moved liquid assets so no one can get there hands on what they lost. At least it took the Federal Agencies to get this moving all while the Local authority sat back and waited for the Federal and State Agents to get the ball rolling. I too have been told by US Gov't Special Agents it is not over with EFI, another local builder developer is the subject of a major deceptive and fraudulent investigation as well. RW Hertel & Sons, Inc. is next.
Peter_n_Frans_de _Witte

Santa Maria, CA

#78 Nov 17, 2008
Cindy wrote:
Well folks, I have News for you and your investments they are all going south as we speak. It is an entire Ponzi Con. Look at her packet she did for Steinbeck Vineyards 401 K profit sharing plan it is now empty of value so are many others.
You who have lost need to file complaints with the US Dept. of Justice and the State's Attorney General as well. Her many companies are just a move and hide shell game. Her many companies such as Estate Financial, Inc., Buena Vista Place,LLC First Press Partners, LLC ERC 24, LLC DOYA Partners II, LLC DOYA Partners, LLC Estate Financial Mortgage Fund, LLC are just a few of her many companies all belong to Karen Guth and her close friends. She is deeply associated with Clavis Development International, LLC SLO-Verdot, LLC Verdot Group, L.P. Peter and Frans De Witte Mortgage Investors Fund, LLC, KITCO Holdings, LLC
Ventura-Duval South, L.P. Atascadero Ventures, LLC and so many more you would get a head ache. She uses her Partner and Lawyer Roderick Rodewald who is the husband of SLO County Clerk/Recorder Julie Rodewald to get the inside scoop to all of there advantage yet the investors are left out in the cold. Watch as she transfer's everything from DOYA to herself and goes belly up. It was all a scam. Since she likes to play golf alot and drinks heavily while playing golf Julie's lips get a little loose and she spits out information like a drunk sailor.
Well Cindy, why don't you provide your name and address so that we can provide the information to our lawyer to start a lawsuit against you for liable and slander? You may want to check your sources before you make such inflamatory statements in a public form.
Bankrupt Hertel

Lost Hills, CA

#79 Jan 30, 2009
It finally happened Hertel and Fowler were thrown into Federal Bankruptcy Court in Santa Barbara Federal Court now the investigation into the financial scams will take a new twist to uncover the Fraud and those involved.!!!!!!!!!
Judy

San Diego, CA

#80 Feb 5, 2009
OMH wrote:
Does anyone have any information on how Estate Financial might be linked to Point Center Financial and National Lending which are two firms controlled by Dan Harkey? From what I can tell 90% of Point Center investors are facing huge losses.
There's a new website that has been developed to get out as much information as possible about Point Center - go to www.pointcenterinvestigation.com to post.
Judy

San Diego, CA

#81 Feb 5, 2009
Jane Doe wrote:
Dan Harkey just put millions into a new business AND rebought a piece of "sewer" property that he already owned by a different company of his, for the same amount that he originally paid! Does that sound like he was too broke to pay back his investors???(who, by the way, are primarily elderly and used their life savings as an investment!!) Dan and his cohort, Gwen, both left the country recently (separate trips)... perhaps hiding money overseas? Better get this guy BEFORE he hides everything and files bankruptcy!
There's a new website that has just been developed re: Dan Harkey and Point Center - go to www.pointcenterinvestigation.com to post
Atascadero ventures LLC

Atascadero, CA

#82 Feb 19, 2009
Judy wrote:
<quoted text>
There's a new website that has just been developed re: Dan Harkey and Point Center - go to www.pointcenterinvestigation.com to post
There is so much more to what is going on, first yesterday in the San Luis Obispo Tribune News Paper covered a front page story on the demise of Harkey's friend and partner RW Hertel & Son whom PCF loaned millions to only to default and get the property back one of the deals in the many Hertel et al scams with Harkey was make big loans promise big returns default and get the property back to sell again and let the investors loose. The other part was if you want a big loan like hertel's many with Dan you had to kick back 3% of the loan to Diane war chest.

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