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Yahoo!The Santa Barbara County District Attorney’s office announced that a long-term investigation into alleged securities fraud involving a branch of Pacific Coast Mortgage resulted in the arrest of Michael Lee Wilson on Friday morning, July 10. Wilson is being held without bail at Santa Barbara County Jail.
The late Friday afternoon release on the matter was slim on details, but did note that the investigation — which had the DA’s office cooperating with the Sheriff, the California Department of Real Estate, and the California Department of Corporations — included searches of Wilson’s home and of an unnamed business in Lompoc.
The DA’s office has filed a complaint against Wilson alleging 147 felony counts for selling a security under a misrepresentation, grand theft, and forgery. The counts together carry a maximum prison sentence of 50 years. He will be arraigned Monday, July 13, in Santa Maria.
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