However, the investment was nothing more than a fraudulent scheme to dupe unwary investors out of millions of dollars, according to the complaint
Newport Beach, CA (PRWEB) November 05, 2013
Newport Beach resident Edward Theodore “Ted” Embry and his father, Michael Patrick Embry, a well known Phoenix-area real estate broker, have been sued by two investors who claim they each lost money in the alleged father-son real estate investment scam.
According to the lawsuit filed in United States District Court for the Central District of California, Case No. 8:13-cv-01363, the Embrys solicited investors by claiming the investment enterprise would buy, rehab and re-sell distressed California residential real estate and that investors would earn a 15% return and a “total refund” after one year. The lawsuit further claims Ted Embry and Michael Embry never paid any return on the investment, much less the promised 15% return, and that the Embrys also failed to provide a refund despite the investors’ repeated requests.
"However, the investment was nothing more than a fraudulent scheme to dupe unwary investors out of millions of dollars," according to the complaint. "The plaintiffs in this action are two such investors who were each 'scammed' out of more than $100,000 each, (totaling over $200,000)." (Parentheses in complaint.)
Defendant Ted Embry is the Vice President of the California chapter of the Certified Commercial Investment Member Institute, a national organization of select commercial real estate investment professionals who bear the designation of CCIM (Certified Commercial Investment Member) similar to the way a physician uses the suffix MD at the end of his or her name. Embry often represents his name as, “Ted Embry, CCIM.”
Ted Embry’s father, Michael Patrick Embry, also a defendant in the lawsuit, is a well-known Phoenix-area real estate broker.
The Embry’s recent legal troubles are not isolated. Earlier this year, Ted Embry was sued in Phoenix, Arizona, in two separate lawsuits (Superior Court of Arizona in and for Maricopa County Case No. CV2013-001879 and Case No. CV2013-001787), each related to investment fraud enterprises orchestrated by Ted Embry. Michael Embry is also named in one of the two Phoenix lawsuits.
“My clients gave their trust, not to mention their hard earned savings, to Ted Embry and Michael Embry,” said Elliott H. Stone, the attorney for the plaintiffs in the California lawsuit.
The plaintiffs in the California lawsuit are represented by Orange County attorney Elliott H. Stone, with the Stone Law Firm PC. For further information about this case, call 714-669-3700 or visit http://www.stonelawpc.com. A copy of the Embry’s California investment fraud lawsuit, filed in federal court in Santa Ana CA, is attached to this press release.