BUSINESSMAN PLEADS GUILTY IN FRAUD CASE.

Byline: Daily News

A Thousand Oaks businessman who owned a real estate company that once had eight offices and hundreds of sales agents pleaded guilty Tuesday to fraud for hiding assets after his company declared bankruptcy.

Ray Emery Lamb, 50, who was previously indicted by a federal grand jury, pleaded guilty to one count of bankruptcy fraud in U.S. District Court in Los Angeles, said U.S. Attorney Nora Manella.

Lamb pleaded guilty before U.S. District Judge Audrey Collins. He faces five years in federal prison and a $250,000 fine when he is sentenced Aug. 31.

Lamb filed for Chapter 11 bankruptcy protection in December 1991. The indictment alleges that the bankruptcy petition - filed on behalf of VCRE Corp., doing business as Lamb Realty - concealed ownership of an asset from the court, the bankruptcy trustee, the bankruptcy estate and Lamb's creditors. Lamb failed to disclose VCRE's ownership interest in La Fiesta Coin Laundry in Pacoima.

In 1995, Lamb and his partner sold the self-service laundry for $725,000. The bankruptcy still is pending, Manella said.

The investigation was conducted by the Ventura County office of the Federal Bureau of Investigation.

During the investigation into Lamb's activities, five former employees and officials of his various real estate companies have been charged and convicted of mortgage fraud.