Accusations of fraud continue to be leveled against Mike L. Wilson, a 55-year-old Santa Maria mortgage business owner with many San Luis Obispo County clients and real estate investments.
According to various lawsuits, most of the charges are based on allegations that Wilson operated a Ponzi scheme whereby he took money from investors promising it would be invested in secured real estate, but he instead used the money to pay off other investors to keep the scheme going.
At least six suits have been filed against Wilson in Santa Barbara County Superior Court since the end of March, alleging losses of more than $5 million that was supposed to go toward commercial and residential investments in Los Alamos, Santa Maria, Nipomo, Pismo Beach and San Ardo, a town in southern Monterey County. Read more about the alleged Ponzi scheme…
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