Real Estate Syndicate Reported Behind in Taxes, Other Bills on Its Buildings

A real estate syndicator who rounded up investors to buy apartment buildings and was then paid to manage the properties is more than $1 million behind in taxes on the buildings and other bills, a former colleague says.

The syndicator, Allen L. Boerner, runs a company called Cambio Investments Inc. in Fullerton.

Boerner did not return phone calls.

The allegations are part of an Oct. 23 letter to investors from the company’s former director of investor relations, who resigned after learning of the shortfall.

In the letter, Jeffery W. Maurer says that the president of another Boerner company, Bill Gower of Cambio Property Management Inc., also resigned recently because of the shortfall. The company manages about 16 properties, Maurer said, most of them apartment buildings in Southern California and a few shopping centers.

Two companies are interested in buying the accounts to manage the apartments from Cambio Property Management, Maurer said in the letter. A sale would likely bring in enough money to pay the $1.1-million shortfall, he said.

In his letter Maurer urged investors not to find another management company yet because that might nix a sale.