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Lenders and borrowers of Loan Sense could soon see the freeze lifted on their accounts if a local Superior Court judge agrees to Thomas Hastert's choice for loan servicing.
Hastert, who is under investigation for real estate loan fraud, offered the name of an area loan consultant at a closed hearing Monday after rejecting previous choices presented by the district attorney's office.
Four investors and one borrower waited outside the hearing, hoping for some answers.
Accounts have been frozen since Sept. 21, when law enforcement seized documents from Hastert's Grass Valley Loan Sense office. Hastert's clients could number in the hundreds, including some from out of the county and state, according to authorities.
The same day police raided Hastert's office, a couple who wished to remain anonymous tried to deposit the $10,000 final investment check from Loan Sense into their bank account, but the freeze stopped the transaction.
"We're trying to find out if we can recoup any of our investment," said the husband, who sat with his wife outside the courtroom.
The loan consultant Hastert has chosen is employed at a local lending company owned by a friend of Hastert's, according to court documents filed in May.
Hastert and his lawyer, Craig Leri of Marysville, must show proof that the consultant they have selected is properly insured and is a licensed real estate broker with the state Department of Real Estate, Newell told the group of Hastert clients after the hearing.
Newell said clearing up payment schedules disrupted by the investigation is his immediate goal.
Hastert and Leri were asked to provide a licensed broker after they rejected earlier selections made by the district attorney's office.
"It seems like you still have the fox in charge of the hen house," said Roy Crain, an elderly investor who says he lost $100,000 to Hastert and is frustrated that no arrests have been made.
No criminal case has been filed against Hastert so far, and Newell must now review thousands of pages of reports, documents and computer files with help from Deputy Attorney General Mike Santoki of the state attorney general's office in Sacramento.
ooo
To contact Staff Writer Laura Brown, e-mail lbrown@the union.com or call 477-4231.
Hastert, who is under investigation for real estate loan fraud, offered the name of an area loan consultant at a closed hearing Monday after rejecting previous choices presented by the district attorney's office.
Four investors and one borrower waited outside the hearing, hoping for some answers.
Accounts have been frozen since Sept. 21, when law enforcement seized documents from Hastert's Grass Valley Loan Sense office. Hastert's clients could number in the hundreds, including some from out of the county and state, according to authorities.
The same day police raided Hastert's office, a couple who wished to remain anonymous tried to deposit the $10,000 final investment check from Loan Sense into their bank account, but the freeze stopped the transaction.
"We're trying to find out if we can recoup any of our investment," said the husband, who sat with his wife outside the courtroom.
The loan consultant Hastert has chosen is employed at a local lending company owned by a friend of Hastert's, according to court documents filed in May.
Hastert and his lawyer, Craig Leri of Marysville, must show proof that the consultant they have selected is properly insured and is a licensed real estate broker with the state Department of Real Estate, Newell told the group of Hastert clients after the hearing.
Newell said clearing up payment schedules disrupted by the investigation is his immediate goal.
Hastert and Leri were asked to provide a licensed broker after they rejected earlier selections made by the district attorney's office.
"It seems like you still have the fox in charge of the hen house," said Roy Crain, an elderly investor who says he lost $100,000 to Hastert and is frustrated that no arrests have been made.
No criminal case has been filed against Hastert so far, and Newell must now review thousands of pages of reports, documents and computer files with help from Deputy Attorney General Mike Santoki of the state attorney general's office in Sacramento.
ooo
To contact Staff Writer Laura Brown, e-mail lbrown@the union.com or call 477-4231.
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