Broker Gets 10 Years as Investors Tell of Losing All
A Camarillo real estate broker who was called “the worst kind of liar” by a fraud victim was sentenced Wednesday in Ventura County Superior Court to 10 years in state prison for embezzling more than $900,000.
A prosecutor said as many as 600 investors may have lost up to $7 million through Joseph R. Curren, 47, who pleaded guilty April 2 to 17 counts of grand theft and business and professional code violations.
Curren was charged with selling phony or unrecorded second-trust deeds and selling securities without a license over a five-year period, said James S. Irving, deputy district attorney.
In sentencing Curren to the maximum term, Judge James M. McNally said, “It should be twice that.”
Emotional Statements
Ten investors testified under the Victims Bill of Rights, which allows victims to express their views before sentencing. Each made brief but emotional statements about having trusted Curren with life savings and having been reassured by the man, whom they perceived to be friendly and honest, that their money would be safe.
“I can’t believe that this has happened to me. I gave Joe all the money I had,” said a tearful Norma Pruitt, an elderly woman who said she lost $131,000. “He said I was a good customer and that I would be taken care of. I don’t know what I’m going to do now.”
Nathan Rambo said, “He’s cheated the elderly. He’s taken the last dollars of the most frail people. I want to impress on the court that he is the worst kind of liar I’ve ever met in my entire life.”
Rambo said he lost $100,000 of retirement money.
“I don’t know what’s going to happen to my family,” said Gerhart Fallarz, a Thousand Oaks resident. “We lost $80,000. My marriage is on the verge of breaking up. My mother-in-law, who is in her late 70s, lost $50,000 of her hard-earned money. It was everything we had.”
Convinced Money Is Stashed
Another investor, George Marston, told the judge, “I’m convinced he has stashed away the money and firmly believe he will walk away from jail a rich man.”
Irving said investors were tipped off last fall when they stopped receiving monthly interest payments from Curren’s company, Ventura County Properties Inc., and Curren could not be found.
The district attorney was notified when several investors found that there were no county records of property transactions supposedly made with their funds.
Curren talked investors into buying second-trust deeds or investing in various schemes, such as the resale of precious coins, while promising monthly interest payments of 18 to 20%, Irving said.
Scores May Have Lost Money
Scores of investors, perhaps as many as 600, may have lost more than $7 million through the fraudulent transactions, Irving said.
As the investigation unfolded, Irving said, he received dozens of letters from investors who claimed to have lost up to $300,000 but were embarrassed to come forward. Curren’s sentence was tied to nine fraudulent investments he made for 19 people who lost $937,561, Irving said.
In asking for a reduced sentence, John H. Voigtsberger, a court-appointed public defender, objected to the notion that his client had hidden the money. He said that, although the case involves “terrible losses to many victims, it does not involve a tremendous gain to Mr. Curren.”
Voigtsberger said Curren lives a modest life style. He described him as a churchgoing father of five who does not drink and whose only previous brush with the law had been two traffic tickets. He said Curren has vowed to pay back the victims as best as he can.
Voigtsberger said the losses were a result of poor stock and commodity market investments. “Mr. Curren invested heavily and lost heavily,” Voigtsberger said. “He was working on trying to recover losses.
“The sooner he is out of jail and gainfully employed, the sooner the victims will be able to at least see something,” he said.
McNally rejected the explanation of the losses. “I’m not satisfied that there has been any accounting of the proceeds,” the judge said, adding that he, too, is “convinced he’s got it stashed away somewhere.”
After sentencing, Voigtsberger said the judge’s comments were “ridiculous” and that he will consult with Curren about appealing the case.
About half a dozen civil suits have been filed against Curren by investors. The largest was filed by Ventura Property Lawsuit Committee, a group of 60 investors who say they have lost a total of $3.4 million.
Bob McCardell, chairman of the group, said investors realize that there is “no way we are going to get our money back.” But, he said, the group will attempt to locate any property or assets belonging to Curren so that it can be liquidated and the cash divided among investors.
