Bee reporters answer questions about area crime news, trends and other issues.
QUESTION: What is the status of Michael Bolden, who was charged in a real estate fraud case?
Submitted by: Rocketman916, Sacramento
ANSWER: The trial for Michael Bolden and four other people indicted by a federal grand jury is set for May 14, according to federal court online records.
Bolden was indicted in September 2011 along with Christopher Jackson, Victor Alvarado, Erica Arceo and Nicholo C. Arceo 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, Bolden was identified in the indictment 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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