A restitution hearing for Kenneth Doolittle, who was previously convicted
on 20 counts related to an alleged investment scam, is scheduled for March 6th. Doolittle was the former owner of Monterey Bay Securities and has already
been sentenced to serve 13 years in prison in the case. Although Doolittle
has been serving the sentence at San Quentin State Prison, he has recently
been transferred to Santa Cruz County Jail for the upcoming restitution hearing.
According to prosecutors, Doolittle targeted elderly investors with an
enticing investment that involved his company “flipping” mobile
homes for profit. Doolittle allegedly told investors that their cash would
go into buying, repairing, and remodeling mobile homes, which would then
be sold for a tidy profit. Investors were apparently promised returns
of 13 percent in the deal. However, Doolittle’s firm apparently
went sour, leaving him owing hundreds of thousands of dollars to investors.
Nine investors, all over the age of 65, are said to have lost money in
the alleged investment scam.
securities fraud lawyers with Meyer Wilson urge investors to carefully research any investment
or investment firm before handing over their cash. For more information
about protecting yourself or your elderly parents from financial fraud,
please request a completely free copy of our helpful book
Five Signs of Investment Fraud …And What to Do if it’s Happened to You.
If you have already been the victim of investment fraud, we would be happy
to meet with you to discuss your situation. We have represented hundreds
of investors nationwide in
stockbroker mediation, arbitration, and litigation for recovery of their investment losses.