Clyde Wood, Barry Landreth, and Sam Palmer of the USC Master of Real Estate Development Program
Posted on 03/24/2006 2:22:51 PM PST by BurbankKarl
A part-time business professor at the University of Southern California was arrested Friday on charges of conning investors, including former students, out of millions of dollars he claimed he was using for real estate projects.
Barry Landreth, 36, was arrested at his home in Coto de Caza, where FBI agents also seized a luxury car, bank accounts and show horses, authorities said.
Landreth ran Webster Realty Investors and apparently told his victims he was developing commercial property in Las Vegas and Chicago, and that investments in the projects would bring returns of 190 percent in 30 to 45 days.
"This case is particularly egregious in that Mr. Landreth is alleged to have enriched himself by convincing others, including his former students, to invest in his scheme," J. Stephen Tidwell, the assistant director in charge of the FBI's Los Angeles Office, said in a statement.
Prosecutors are alleging that he and his company did not have any financial interest in the properties.
A criminal complaint alleges Landreth’s investment business was actually a Ponzi scheme, in which money from new investors is used to pay off earlier ones.
A statement made by USC described Landreth as an "occasional part-time lecturer" in real estate finance and development at its School of Policy, Planning and Development and its Marshall School of Business.
He had been teaching a course at the Marshall School this semester, but was placed on administrative leave, according to the statement.
Landreth is also a graduate of USC and received a master's degree in real estate development in 2001, the university said.
Landreth was expected to make an initial court appearance Friday in Santa Ana.
About half the judges in southern California are USC grads. This guy is going to hang.
sux2b him.
"an occasional part-time lecturer, at USC, who was placed on administrative leave"
did not fit into the headline.
"...investments ... returns of 190 percent in 30 to 45 days."
I never feel sorry for someone, so stoopid, as to fall for these kinds of 'investments'.
My brother and his wife are alumni, and think USC is perfect, so this is going to put a little black cloud in their day.
before USC purged their website, bio:
Barry Landreth
Mr. Landreth is the Founder, President and CEO of Webster Realty Investors, a full service real estate company with business units consisting of Real Estate Investment, Development, Brokerage and Financial Consulting. Webster Realty has an investment portfolio consisting of properties spanning the West, Midwest and Southeast regions of the U.S. and two international countries. Development and redevelopment efforts focus on specialty retail & urban entertainment centers, resort & business hotels, and land development for residential and horizontal mixed–use communities. Mr. Landreth has over 10 years of experience in real estate finance and investment management. He now focuses primarily on Webster Realty's investment and development operations in Southern California. Prior to Webster Realty Investors, Mr. Landreth was an investment advisor and real estate investment trust analyst for PaineWebber's Southeast division focusing on the residential and retail sectors. Mr. Landreth has his B.S. in Financial Management from Clemson University and his MRED from The University of Southern California. His research focus is on transportation behavior and the fiscal and economic impacts of transportation management methods. Mr. Landreth serves as a strategic advisor and corporate board member for two financial services firms, and is a member of various organizations including the Urban Land Institute, the National Association of Real Estate Investment Trusts and the American Resort Development Association.
(Denny Crane: "I Don't Want To Socialize With A Pinko Liberal Democrat Commie. Say What You Like About Republicans. We Stick To Our Convictions. Even When We Know We're Dead Wrong.")
What fool would fall for that?
Now... keep this under your hat, we don't want too many people in on this...
Send me your money and I'll guarandarntee you a reasonable 100% return in just 30 days... Unless, that is, I don't...
Remember, keep this quiet, just send me your money.
/S
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