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: Legal Pad | LA

Former Mayer Brown lawyer at center of latest Ponzi scheme

By Jonathan Hayter

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A former Mayer Brown lawyer in Los Angeles is scheduled to turn himself in to custody today on charges he was in-house counsel for an elaborate real estate Ponzi scheme in Orange County that conned $52 million from mostly elderly investors.

The in-house counsel for the investment company, Carolina Development Co., was 48-year-old Robert Lee Waldman, a lawyer in Irvine. Waldman and five other men were charged in the scheme, which allegedly snared more than 1,000 people. The six defendants are alleged to have duped investors into putting money into a company that would develop resorts and fancy homes next to top golf courses but instead used the money "as their personal bank account" to buy planes, cars and vacations.

Waldman could not be reached for comment in the Daily Journal story.

Full post as published by Legal Pad | LA on January 26, 2009 (boomark / email).

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