Santa Maria Man Accused of Scamming Elderly Woman

http://www.noozhawk.com/noozhawk/article/030510_santa_maria_man_accused_of_scamming_elderly_woman/

By Drew Sugars

The victim lost $300,000 in fraudulent real estate deal

Santa Barbara County sheriff’s detectives have arrested a Santa Maria man accused of bilking an elderly woman out of hundreds of thousands of dollars in a fraudulent real estate deal.

In March 2007, Earl Graham Ward III, 59, allegedly convinced the 69-year-old victim to invest $300,000 with him for the purchase of a commercial property. Police say he promised the victim she would receive “12 percent interest only” on her investment, and to assure her, he paid her the first six months of interest upfront.

The victim trusted Ward because she had previous business dealings with him through his company, Award Properties.

The day after she signed the papers on the latest deal, the victim learned that Ward had not invested in the commercial property, but instead listed the victim as a third signee on a residential property already owned by Ward and his then spouse.

Detectives began an investigation in 2009 after the victim reported that Ward never paid her anything after the six-month interest payment he made upfront — a payment that was funded by the victim’s original $300,000 investment. The property was eventually foreclosed on, causing the victim to lose her entire life savings.

During the months-long investigation, detectives learned that Ward had not given the victim required information and documentation that he is obligated to provide as her Realtor. Based on the age of the victim at the time of the crime (66), Ward was arrested for fiduciary elder abuse.

He was booked into the Santa Barbara County Jail on Thursday on $20,000 bail. More charges are pending as the investigation continues.

— Drew Sugars is a public information officer for the Santa Barbara County Sheriff’s Department.

http://www.noozhawk.com/noozhawk/article/030510_santa_maria_man_accused_of_scamming_elderly_woman/