Another county man faces investment charges

January 7, 2009

By DANIEL BLACKBURN

A Los Osos man is in county jail tonight following his arrest on eight felony charges related to a Nevada-based investment company he owns.

Leonard Adolph Delk, 80, becomes the latest in a string of Central Coast money managers to run afoul of the law. He faces accusations of grand theft by embezzlement, offering securities without a license and with false statements. Sources said the amount of money involved will exceed $3 million.

Delk’s LAD Management Co., which he operated out of his Los Osos home, was used to commit a series of crimes beginning in 1999, according to a complaint filed by the San Luis Obispo County District Attorney’s office.

He promised investors from 18 to 23 percent return, and promised their money would be “completely safe.” Delk stopped paying interest payments to investors in July 2007. Prosecutors allege Delk failed to keep pledges that investor money would be held in individual, non-commingled accounts, and that the money would be used only for collateral for raising larger amounts of investment funds.

Delk was ordered to “desist and refrain” from doing business by the California Department of Corporations in January 2008.

(EDITOR’S NOTE: This latest arrest apparently ruffled the feathers of The Roadrunner, who wonders whatever became of honesty.)


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3 Comments

  1. ccn_debate says:

    Member Opinions:
    By: pixieboohoo on 3/29/09
    So Shingh..
    what happened to the investigation of papers on Walters, Filipponi and Wittstrom? I know they are getting very desperate as some are starting to lie and perjur themselves…Are investors pulling out perhaps of their poorly conceived, designed and illegally permitted sprawl project?
    By: investless on 1/16/09
    With all of these exposures of fraud in the hard money lending, I am curious about the whereabouts of Allan Savage of Cambria Realty. He has left town about a year ago, closed his office, many properties he owns are for sale, disappeared. He went to Northern California & the last I heard was working with the Christian Business men in Sacramento on some GREAT investments out of state. I ran into a man who had invested heavily with him over the last several years and he said he lost a bundle and he was very angry. I just wonder how he continues to be a "loan predator" don't people read? Anyone out there pursuing him?

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  2. ccn_debate says:

    By: SMR on 1/12/09
    To Ms. Cindy not to worry the Surveillance Info leaked out some days ago by Agents working out of the Walter's Bldg. on S. Higuera that is why the Fed's are leaving the locals out of the loop. The surveillance and phone both land line and cell lines being monitored were in connection with a bigger matter. 750 Pismo apparently is an old fire station housing Rutledge Co. and Rossi Enterprises the team wanted photo's of who was coming and going and wanted the plates on all the vehicles coming and going as well especially in the back lot and it paid off. So do not worry, If any of you have information on another fraud loan case with Coast National Bank in San Luis Obispo loan # 202-102819 where Fowler and Hertel under the name Hertel Group have defaulted please post an email address. Chuck Fruit is handling the loan default for CNB and other Banks are now looking to see how much they are out as well, SMR is in the target.
    By: shingh on 1/12/09
    I am told one financial group got the land and the other is a cover company called SMR-SLO Properties, LP who is Willian Zech Lawyer not admitted to bar. He works for Hertel/Fowler/Rossi/Metchik/Vance Rose/Julie Witmore etc. The local District Attorney's office is NOT in the loop as to what the Federal Agencies are going. It is a " Trust" issued so when the DA appears out of the loop or just plan stupid he is, Pat Hedges said to me last week at his divorce hearing the DA is just plan clueless as to the big picture. The CID arm of the IRS does NOT share their information with our local dumb DA.
    By: Josixpack on 1/11/09
    So with the investigations of Fowler, Hertel
    Rossi Enterprises, Paul Metchik, attorney Walters Doug F. etc etc…WHO bought Hertel's defaulted property on Auction Dec 30th? The taxes were paid so it was purchased. Some LLC with interchangeable
    links to Santa margarita ranch LLC which is FOwler Hertel, Pac Improvement, Rossi Ent, Clayton Woolsley Once Upon a Time LLC..@ Wittstrom and Fillipponi under those umbrellas…Wonder what the new LLC is called?
    Coyote Enterprises LLC?
    By: Cindy on 1/9/09
    Wow Shelia, You went dumpster diving! That was some great info you posted only problem is that you don't want to be telling people that they are under ongoing FBI surveillance! This info and addresses you posted is going to travel fast. That was some great work on your part and pretty funny, I bet those agents are livid right now. I'm sure they already know about your post here.

    SLO-VERDOT LLC I think is one of EFI's company's or it could be Fowler. I recognize the name.

    Isn't Linda Kennedy living it up in Costa Rica? Humm do they have extradition?
    By: northcountyresident on 1/9/09
    I'm still waiting for an expose on Linda Kennedy, 21st Century and those who worked for her. They sold similar fraudulent investments and are not being held accountable. Yes, I am one of their victims.
    By: DeepBlueSLO on 1/8/09
    Sheila,

    Can you please post or email me any specific about the Ed Palmer vs. Al Brill case. deepblueslo-at-yahoo-dot-com. Does anyone know about this Ed Palmer guy? I have a lot of publicly available info I could share about his past activities.

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  3. ccn_debate says:

    By: hotdog on 1/8/09
    750 Pismo St is the home of Rossi Enterprises, SM Ranch big shot.
    By: hotdog on 1/8/09
    So this clown is in the clink for a mere few million, why are the Hurst crooks still having cocktails and a good laugh on their victims? When will they be busted?
    By: shelia on 1/8/09
    Oh forgot three other's on the papers

    Rancho Obispo, LLC
    SLO-VERDOT, LLC
    SLO-HAAS, LLC
    By: shelia on 1/8/09
    Ouch this is getting out of control. Yesterday My better half and I were doing some county records search. Near us we learned two Federal Investigators were searching on this very issue of Realty Investment Acts. When they left one threw some papers in the trash so, I went dumpster digging. ( Learned that from this site) we found they were searching on a Con man (Palmer) who is suing a former Grand Jury Member ( Brill) for exposing his fraud, SLO case #080374 these two agents also were looking into SLO County Records Document #2007072145, 2006081461 & 2004088125 Apparently a raid must have taken place the notes said " Locks changed at (750 Pismo St. SLO on 1-7-09 surveillance ongoing at 9000 Yerba Buena Av, Santa Margarita and 1316 Broad St. SLO and 2111 Golden Hill Rd, Paso Robles. Julie W. over Rose Wine Group and Margarita Vineyards. The only names written down were Fowler, Walter, Wittstrom, Filiponi so some thing is up I will mail you guys copies of what was in the trash.
    By: mccdave on 1/8/09
    Damn, I'm kicking myself for not starting my own Ponzi scheme. I guess it's still not too late. Apparently this county is full of easily duped dipshoots. (And it will undoubtedly surprise Booty_Juice to read that they're not all over the Grade.)

    JorgeEstrada is right: Americans have been infected with a belief in wealth through financial machination instead of work or creating value. It's even reflected in the tax burden, which has shifted away from financial wealth and onto wages. (Investors create value, or at least good investors do, but they're not primary value creators.)

    "This latest arrest apparently ruffled the feathers of The Roadrunner, who wonders whatever became of honesty." And I'm wondering whatever became of hyperlinks. My golly, kids, you really need to hire a bright ten-year-old to work this whole interwebtube thing you've got going.
    By: JorgeEstrada on 1/8/09
    The problem is that the word invest has become an acceptable livelyhood. Words like provide or work have lost the respect they deserve. It seems that finacial wealth is what matters not how you got there. Remember Abott and Castello, Amos and Andy, Laurel and Hardy, to name of few. Remember them when someone has a great idea for your money. Oh, we can't forget Pancho Villa….
    By: MyThoughts on 1/7/09
    As I watch how our county is being bilked by greed I'm beginning to really understand the environmentalists about preserving and planting oak trees. We need some more "hanging trees"

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