SAN DIEGO (AP) -- An Oregon man is facing charges in connection with a $50 million securities fraud scheme in which he's accused of falsely providing information about promissory notes to more than 150 investors.
Federal prosecutors say 55-year-old Bradley Holcom of Canby, Ore., was charged with 13 counts of fraud in an indictment unsealed Wednesday in San Diego. If convicted of all charges, he faces life in prison.
Authorities say Holcom falsely told investors who purchased the promissory notes that they would receive a lien on property he was developing. They were allegedly told they would be allowed to foreclose on the property if Holcom couldn't repay the principal due under the notes.
However, prosecutors said Holcom never gave investors the lien but conveyed a lesser interest that didn't allow the foreclosure option.