Round two in the Guth and Yaguda asset battle

February 23, 2010

By KAREN VELIE

The battle over the assets of Estate Financial principals Joshua Yaguda and Karen Guth is slated to resume next month.

Earlier today, San Luis Obispo Superior Court Judge Jac Crawford continued the asset distribution hearing until next month when banks, developers and a variety of other creditors can resume their quest for financial recovery.

Last April, Crawford listened as alleged creditors laid their claims to the proceeds of two Chevron gas stations located in Templeton and Morro Bay the currently incarcerated pair partly owned. The stations were sold and the funds were placed in a secured account.

At the March 23 hearing, Crawford also will hear arguments and claims over the pair’s remaining assets, which include an office building on Ninth Street in Paso Robles, their Pasolivio olive ranch, the Willow Creek LLC, various rental properties and a beach home in Cayucos.

Even so, most of the properties are over-encumbered and as such hold very little or no value to investors looking for compensation for their losses.

Crawford will also hear arguments for and against the appointment of a receiver for the liquidation of the remaining assets. Creditors who want to address the receiver issue are required to serve all parties with their views by March 9.

In December, Crawford sentenced Guth to 12 years in prison and Yaguda to eight years for fraudulently selling securities without the proper licenses, lying to investors and running a Ponzi scheme.

More than 3,400 people invested their monies with Guth and Yaguda, who promised 12 percent interest on property-secured investments. Estate Financial’s portfolio contained more than $317 million in monies owed to investors when the company filed bankruptcy in 2008.


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6 Comments

  1. Jim says:

    I wonder how these two miscreants like their new “homes”…?

    (8) 10 Total Votes - 9 up - 1 down
  2. rooster says:

    This is one professional classy news blog. Maybe Cheseburger is in fact in jail, sounds like a violent criminal, nothing white collar about the comment.

    (1) 13 Total Votes - 7 up - 6 down
    • cheseburger says:

      Rooster, nice words,”The twisting of facts, numbers and statements is quite obvious to anyone who sat in the courtroom trying to maintain objectivity. No winners here.” said the Rooster, by the way to all, my post are fiction, unlike this fiction story of justice we see here. Furthermore do not take my posts seriously unless they include alleged facts, or allegations, I am in prison, but I am here by personal choice, I am teaching inmates to read as my father did, and the only thing besides sex that interests them and they will read, is graphic violence novels. Sorry and I am a little pissed about the light sentence.

      (0) 4 Total Votes - 2 up - 2 down
  3. Lukenelson says:

    Assets………..hahaha

    Long gone in Attorney fees dude.

    (0) 14 Total Votes - 7 up - 7 down
    • cheseburger says:

      You got that right, and don’t forget the couple million they slipped the judge for the slap on the wrists, these thieves should of been stoned to death in the street, they ruined so many lives, makes me want to puke, and sorry to the victims, check this out it would be okay with me if a 98 year old devastated investor on his last leg shoots them in the stomach the day they walk out of jail, gut shot, slow and painful death.

      (0) 28 Total Votes - 14 up - 14 down
      • cheseburger says:

        The last comment of mine and most others are purely fiction and purely meant for the enjoyment of defrauded investors, not psychics, who know all about you, from one paragraph.

        (2) 4 Total Votes - 3 up - 1 down

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