Hard money lender sentenced to five years

September 20, 2013
Candy Wells

Candy Wells

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.

 


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7 Comments

  1. Pelican1 says:

    Bruce was said to singing this in the halls of the county building this week…….www.youtube.com/watch?v=nEIcTstEmnQ‎

    (0) 0 Total Votes - 0 up - 0 down
  2. willieslo says:

    Candy Wells was sentenced on Thursday to five years in prison for fraudulent practices in the offer and sale of securities, her victims lost more than $1.3 million.

    If this is true, her victims will agree that does crime pay!

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

    This woman is chump change in the big financial picture. When do we go after the banksters?

    (12) 16 Total Votes - 14 up - 2 down
    • Jorge Estrada says:

      JFK tried and they found him first.

      (3) 5 Total Votes - 4 up - 1 down
      • r0y says:

        What do presidents Andrew Jackson, Abraham Lincoln, James Garfield, William McKinley and John F. Kennedy have in common? Other than being assassinated (Jackson survived, of course)? They all wanted MAJOR changes to US Monetary policy, re: centralized banking (aka the privately-held Federal Reserve banking corporation).

        But if you say this, you’ll be accused of conspiracy theorizing…

        (7) 7 Total Votes - 7 up - 0 down
    • r0y says:

      We first have to stop electing them to high office…

      (7) 9 Total Votes - 8 up - 1 down
  4. kayaknut says:

    I see Ms. Wells is smiling in her photo, but if I got just 1 year per felony for my guilt with no mention of financial penalties I’d be smiling too.

    (8) 10 Total Votes - 9 up - 1 down

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