Cedar Mortgage Fund Called A Ponzi Scheme

     MONTEREY, CALIF. (CN) – The Cedar Funding Mortgage Fund defrauded investors of $500,000 in a mortgage-based Ponzi scheme, a class action claims in Superior Court.

     The scheme was run by Monterey-based real estate broker David Nilsen, who owns Cedar Funding, plaintiffs say. They are represented by David Brown with Lawyers on Duty.

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