California Department of Corporations and Contra Costa District Attorney Defendant Sentenced to Four Years in State Prison for Securities Fraud, Forgery and Theft.SACRAMENTO, Calif. -- The California Department of Corporations announced today that David Steven Scott of Contra Costa Contra Costa can refer to:
Senior Corporations Counsel Joan Kerst assisted Contra Costa Deputy District Attorney Ken McCormick in this case. Eleven victims invested $150,000 in promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. and trust deeds. David Steven Scott is not licensed by the Department of Corporations to sell securities in California. While serving a suspended sentence A sentence given after the formal conviction of a crime that the convicted person is not required to serve. In criminal cases a trial judge has the ability to suspend the sentence of a convicted person. for securities fraud, David Steven Scott advertised that he could assist individuals in cleaning up their credit through his company, Advanced Financial Solutions. Through his credit counseling Credit counseling (known in the United Kingdom as debt counselling) is a process offering education to consumers about how to avoid incurring debts that cannot be repaid. This process is actually more debt counseling than a function of credit education. , David Steven Scott, obtained information about the amount of equity individuals had in their homes. He then assisted them in obtaining loans and convinced eleven victims in Contra Costa County to invest approximately $150,000 in a series of transactions involving trust deeds and promissory notes. David Steven Scott never disclosed that he had a previous felony conviction for securities violations. Additionally, he misrepresented to his victims that they would earn up to 25 percent interest if they invested some of their loan proceeds with him. David Steven Scott pled guilty to four counts of Corporations Code violations, two counts of Business and Professions Code violations, and four counts of Penal Code penal code n. A body of laws relating to crimes and offenses and the penalties for their commission. penal code Noun the body of laws relating to crime and punishment Noun 1. violations. The Penal Code violations included forging names on various documents and pocketing escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. proceeds that should have gone to a borrower. Of the 10 counts, eight were felonies and two were misdemeanors. The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677). |
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