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State Officials Break up Alleged Commercial Real Estate Fraud Ring

SAN DIEGO-State officials have filed charges against entities that allegedly bilked seniors out of $38 million in a real estate fraud scheme.

By Randyl J. Drummer | Updated on January 11, 2001

SAN DIEGO-The State Department of Corporations filed charges Wednesday in an alleged real estate fraud case involving senior investors in San Diego County and the Inland Empire.

According to the Department of Corporations, the defendants allegedly solicited more than $38 million from at least 500 investors in a variety of speculative real estate ventures through seminars, targeted advertising and cold calling.

Riverside County Superior Court Judge Gloria Conner Trask has issued orders against Alliance Financial Investment Services Inc. and KMProperties LLC of Hemet and San Diego and their president and general manager, Russell Millard, as well as 27 limited-liability companies formed to invest in shopping centers, warehouses, storage facilities and other commercial real estate properties throughout the Southwest and West.

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