Joseph LaCoste and his sister Angela McCoy face charges of federal
securities fraud, mail and wire fraud, and bank fraud. Their real estate scheme is said
to have taken place over a short period of time between April 2006 and
December 2007 through LaCoste’s Albany-based company, Willamette
The two allegedly took nearly $5.3 million from investors in the real estate
scam. LaCoste and McCoy were to use this money for multiple high-end development
projects. The investors were supposedly told they would receive high interest
rates and a return of principal within three years. None of the promised
real estate developments were reportedly ever completed, and investors
are estimated to have lost their entire principal of $5,272,000. Willamette
Development Services was declared insolvent in 2008.
The pair also faces accusations of lying to investors regarding where the
money was going, how far along development projects actually were, and
also about commissions and fees that would be received.
Both LaCoste and McCoy have pleaded not guilty to the charges.
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