Alleged Victim of Ponzi $cheme Also Alleging Fraud by Others Affliated with the Reeves
The alleged Ponzi scheme run out of Fortuna by Delores Reeves as detailed yesterday in my post is spreading to the Bay Area. According to the Janssen Law Firm, a suit has been filed on behalf of Polly Savoie not only against Delores Reeves and Martin Glenn Reevesbut also against iServe Residential Lending, LLC; Reeves Properties, Inc.; Northern Pacific Mortgage; and Investors Trust Mortgage. Filing against these businesses (iServe is quite large) would seem to indicate that, although Reeves and her husband may be without funds, there might be compensation available for the alleged victims.
The suit alleges that Ms Reeves worked for Investors Trust from March 2001 till June 2007. She also worked for Northern Pacific from June 2007 till November 2009. She then worked for iServe until April 2011. The suit alleges that starting in at lest 2005 that Ms Savoie was defrauded in various loans. The suit then goes on to allege that the “the defendants knew or should have known that” various properties were over leveraged. And that the defendants concealed these facts from her with the intent to defraud.
Attorney Timothy Needham said that his firm plans to make sure that Ms. Savoie and the other people defrauded are completely compensated. “Financial elder abuse is rampant in our society, and it is extremely unfortunate when individuals prey upon the elderly by abusing their trust,” he said.
For more see today’s Times Standard which names the alleged victim of the Ponzi Scheme. In light of their article, it seems foolish to continue to withhold Ms Savoie’s name. Also, it would seem to indicate that she has something to be ashamed of. Instead, the courage it takes to be the first one to come forward and confront this situation commands my respect. Thank you.
Photo’s from the iServe site.