Michael Lee Wilson of Santa Maria was arrested Friday after a long-term investigation by the Santa Barbara County District Attorney’s Office into alleged securities fraud involving a branch of Pacific Coast Mortgage.
With the help of the Santa Barbara County Sheriff’s Department and the California Department of Real Estate, the DA’s office on Friday served two search warrants and an arrest warrant. Investigators searched Wilson’s home and an undisclosed business in Lompoc.
The DA’s office has filed a felony complaint against Wilson alleging 147 counts for selling a security under a misrepresentation, grand theft and forgery. The counts together carry a maximum prison sentence of more than 50 years.
Wilson is being held without bail at the Santa Barbara County Jail. His arraignment will be Monday at Santa Barbara County Superior Court in Santa Maria.
— Noozhawk staff writer Michelle Nelson can be reached at mnelson@noozhawk.com.
