Stapleton Group Appointed Federal Equity Receiver

Published on April 1, 2016

SEC

David P. Stapleton was appointed federal equity receiver of BIC Real Estate Development Corporation, et al. by the United States District Court for the Eastern District of California.

As reported by Bakersfieldnow.com,  on March 15, 2016 (link to article):

The Bakersfield Investment Club on Stockdale Highway is under investigation by the Securities and Exchange Commission.

The SEC filed a complaint last week against the company, alleging CEO Daniel Nase, a former property appraiser for Kern County, ran a fraudulent scheme designed to enrich himself.

Since 2013, the documents filed by the SEC say the club received investments totaling more than $11 million, coming from 400 people, some local, some not.

Jose Rodriguez was one of those investors. He was living in Bakersfield at the time, but has since left the area. He said the club was pitched to him as a self-directed 401k, with an emphasis in real estate.

“The money was going to be invested into properties and then from those properties, we were guaranteed a return of a minimum 15 percent,” he said Tuesday over the phone.

And the returns exceeded what was promised, but he had his doubts.

“If it sounds too good to be true, it probably is,” Rodriguez said.

The SEC contends that the properties and businesses that were purchased with investor’s money were titled in Nase’s name; something the agency said amounts to “a scheme by Nase and the BIC to defraud investors for his personal profit.”

Rodriguez said he’s had difficulty cashing out of the club. He was offered a percentage of a property he said he doesn’t want. Nase, he said, isn’t offering cash.

Nase declined an interview, referring Eyewitness News to his Los Angeles-area attorney, Scott Vick.

“(Nase) was very transparent and well-intentioned,” Vick said in a phone interview Tuesday. “The SEC got it wrong. They don’t win every case they bring.”

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