REAL ESTATE
From Times Staff and Wire Reports
FBI Probing Long Beach Developer: The bureau confirmed that it is investigating IDM Corp. for a variety of alleged offenses, including mail fraud, securities fraud, money laundering and tax evasion. Carl Bloom, acting supervisor of the bureau’s Long Beach office, said the probe was sparked by complaints from several investors who claim that some of IDM’s real estate partnerships were little more than Ponzi schemes. Once one of Long Beach’s biggest builders, IDM emerged from bankruptcy earlier this year with a plan to pay creditors an average of about 50 cents on the dollar.
