Guilty Plea Expected in Real Estate Scam
A San Clemente man accused of defrauding investors in a wide-ranging real estate scam has agreed to plead guilty to one count of wire fraud, a federal prosecutor said.
Edward R. Showalter, 54, had operated High Park Investment Group Inc. in Gardena and Harbor Financial Investment Group Inc. in Huntington Beach, which were shut at the request of the Securities and Exchange Commission in November. He is due to be arraigned Aug. 7 in federal court in Santa Ana, Assistant U.S. Atty. Andrew Stolper said.
In his plea agreement, Showalter acknowledged that he acted with intent to defraud investors when he diverted their money from the real estate businesses to other investments and personal use. The agreement said the losses were between $1 million and $10 million.
E. Scott Reckard