MONTEREY, CALIF. (CN) – David Nilsen and his Cedar Funding company defrauded investors of $15 million in a Ponzi scheme that promised 10.8% to 13% returns on supposed “mortgage investments,” a class action claims in Monterey County Court. The lead plaintiff, an elderly widow, says she lost $835,000.
The widow in this class action is represented by David Brown with Lawyers on Duty. They estimate that the class contains 40 to 100 people.
In a separate, individual claim in the same court, a couple claims Nilsen and Cedar Funding took them for $658,000. This couple is represented by Kathleen Mahan.