Deal made with Real Property Lenders Jarmin and Jordan
June 18, 2015
Two days after the trial of Real Property Lenders of Paso Robles principals Rod Jarmin and Tammy Jordan began, a plea agreement was reached. A plea agreement the San Luis Obispo District Attorney’s office is attempting to have reversed.
In April 2014, Jarmin, 76, and Jordan, 53, were arrested in connection with a scheme in which they allegedly swindled more than 700 investors out of about $30 million. At the time, both defendants plead not guilty to seven felony counts of the sale of securities by means of false statements and omissions.
Under their company, the duo would entice locals to invest in projects that they knew were failing, under false assurances that investor monies were secure. The misrepresentation or the omission of facts when offering or selling securities is a felony punishable by up to five years in prison and up to a $10 million fine, per violation.
The trial started on June 8. On June 10, during jury selection, the defendants plead no contest and Superior Court Judge Donald Umhofer reduced the seven felony charges to misdemeanors. [Tribune]
Shortly afterwards, the district attorneys office filed a motion to reconsider, that alleges that Umhofer wrongly reduced the charges to misdemeanors before a plea was made.
During a hearing on Wednesday, one of the defense attorney argued that the district attorneys office agreed to reduce the charges to misdemeanors in a deal that would result in no further jail time for Jarmin and Jordan.
On July 22, the matter is slated to be decided.
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