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Posted: Tuesday, 16 June 2009 12:10PM
Cuesta Title Accused of Aiding Hurst Financial in Ponzi Scheme
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A San Luis Obispo based title company has been accused of aiding in a multi-million dollar Ponzi scheme. Cuesta Title and their parent company Stewart Title, out of Houston, have been connected to the Hurst Financial scheme that preyed on the elderly. Investigators claim Hurst Financial created escrows and other documents that robbed over $60 million from investors. The money was supposed to finance the construction of new residential and commercial buildings; it however was used to pay off earlier investors. According to the Tribune, this is the 4th lawsuit charging Stewart Title and Hurst Financial with fraud since September 2008.
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