CA Real Estate Investment Firm Cedar Funding Sued For Fleecing Its Investors
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2008-05-09 — montereyherald.com
A new lawsuit was filed Wednesday on the heels of several others against a Monterey mortgage investment firm.
A complaint filed in Monterey County Superior Court by 71-year-old Catherine Lau of Carmel alleges that David Nilsen and his company Cedar Funding defrauded Lau of more than $500,000 in questionable real estate loans made to a golf course development in eastern Los Angeles County.
Other recent headlines include:
- Cedar faces new lawsuit, DA's probe - Assistant District Attorney Annie Michaels confirmed Monday that her office has opened an investigation into the financial dealings of David Nilsen and his Cedar Funding mortgage fund. The revelation comes on the same day that a second lawsuit was filed against Nilsen and Cedar Funding alleging that Nilsen used investors' money to illegally acquire title in his own name on a $4.2 million home in Pasadera Country Club.
- State yanks Cedar Funding's mortgage fund permit - State regulators suspended the permit for a $71 million mortgage fund run by a Monterey real estate investment company, while some investors sued for a receiver to take over the fund from Cedar Funding Inc.
There are four lawsuits in total, according to the Superior Court of California in Monterey County:
- Lau, Catherine C. et al vs. Cedar Funding, Inc. et al
- Havstad, George et al vs. Nilsen, David A et al
- Post, Stanley D. vs. Nilsen, David A., et al
- Lepage, Michael et al vs. Cedar Funding Mortgage Fund et al
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