Hard money lender sentenced to five years
September 20, 2013
Heritage Lending’s former president Candy Wells was sentenced on Thursday to five years in prison for fraudulent practices in the offer and sale of securities. Wells plead no contest in August to five counts of securities fraud.
After listening to victim statements, San Luis Obispo County Superior Court Judge John Trice sentenced Wells, 59, to prison and ordered her to pay restitution to her victims.
Wells enticed people, with the promise of 11 to 12 percent interest, to invest their nest eggs in real estate projects located primarily in San Luis Obispo County. She did not have a broker’s license, failed to monitor projects and used funds for her personal use. Her victims lost more than $1.3 million.
Candy Wells husband Ronald Wells plead no contest in June to being an accessory after the fact. On Thursday, Judge Trice sentenced Ronald Wells to five years of felony probation and three months jail time which he has already served.