Crime and Fraud
$142m Property Fraud Saw 100 Years Of Jail Terms
James Duncan was born in 1971 and went on to work in insurance and broking- his efforts there led to a cease and desist order from regulators in Iowa and Washington.
His next move was fraud.
He set up Sunburst Factor Fund with Hendrix Montecastro, later renamed Pacific Wealth Management.
This was the same name as a well-known wealth-management company (which had nothing to do with the fund).
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The duo approached investors in Orange County, California, with a real-estate scheme.
They claimed the scheme would make "infinite returns" so long as clients agreed to follow all their instructions for at least three years, without asking any questions.
That on its own seems like a major alarm bell, but they were allowed to continue.
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