Sacto 9-1-1
July 20, 2012
Ask Sacto 911 crime Q&A: What's latest on man at center of real estate fraud case?

Bee reporters answer questions about area crime news, trends and other issues.

QUESTION: There was a person charged last year for running a Ponzi scheme and a real estate scam. His name is Michael Bolden. Can you give us an update on that case?
Submitted by: Tony, Rancho Cordova

ANSWER: The case involving Michael Bolden and others indicted by a federal grand jury last September has yet to go to trial and federal court online records do not list a trial date.

Bolden was among five Sacramentans indicted at that time in a $26 million real estate fraud case. The grand jury said the scheme took in 180 investors, many of whom pulled equity out of their houses to participate.

According to a story in The Bee, the indictment identified Bolden as the mastermind of the scheme. He ran Diversified Management Consultants Inc., a now-defunct company that allegedly lured investors with promises of large profits but instead used their cash to pay off earlier investors.

The firm operated as an umbrella organization for six investment clubs devoted to the region's real estate market.

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Sacto 9-1-1 is a blog on crime and emergency services news in the Sacramento region.

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