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'James The Cash King' Accused In Mortgage Scam
James Duncan Among 7 Accused In Suspected Ponzi Scheme
POSTED: 5:09 pm PST November 23, 2009
UPDATED: 6:00 pm PST November 23, 2009
SAN DIEGO -- A group of San Diegans accused of using religion to scam at least 100 people are in custody Monday, 10News reported.On Monday, seven people were formally charged in a Riverside County courtroom, including the leader of the group who called himself the "Cash King."Calling himself "James the Cash King," James Duncan advertised a quick return on investments through a suspected Ponzi scheme under the group Stonewood Consulting.Authorities said Duncan, described as a very charismatic person, would hold meetings at Pechanga Casino to recruit investors. Victims said Duncan used his father's reputation as a pastor to get into churches and gain credibility.Duncan and six others -- three from San Diego -- are accused of coercing hundreds of people into giving them thousands of dollars.A South Bay woman named Jennifer and her husband lost more than $340,000."He has to work overtime to keep all these payments," said Jennifer.Jennifer said she and her husband were promised lavish properties in exchange for money. They racked up debt in credit cards and loans, but never saw any property. Jennifer's husband later died, and she also lost her house."All this money we had is … we work hard. This is our hard work money but when my husband died, and then I gave up," said Jennifer.Jennifer said Hendrix Montecastro and his mother, Helen Montecastro, would target the Filipino religious community."She's a nurse and she's retired, and she says she's active also on the church, so it's very convincing because if you see them they are faithful," said Jennifer.More than 245 homes were involved, with 200 already lost to foreclosure. Authorities said Duncan pocketed $19 million.For Jennifer, it is a day-by-day healing process. She said getting her money back won't ever be enough and hopes justice is served."Someday they'll pay for it," said Jennifer.Duncan is also accused of operating similar investment scams in Iowa, Wisconsin and Washington.The group is facing more than 240 counts against them.
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