RIVERSIDE--A Riverside County-based mortgage and securities fraud has surfaced in which the victims lost more than $141 million.

Prosecutors Thursday named the central figure as James Duncan who billed himself in online videos as “James the Cash King.”

DA Rod Pacheco said that Duncan and six others created several false companies, including Pacific Wealth Management and Stonewood Investments. They advertising a quick return of monetary investments through Internet advertising and at large investment seminars.

Prosecutors allege that Duncan pocketed $19 million for himself by failing to provide his promised returns.

Also named in the 249 count complaint are Hendrix Moreno Montecastro, Helen Moreno Pedrino, Maurice McLeod, Charlie Sung Muk Choi, Cindi Gayle Kelly, and Thuan Nhan Du. (INT)

Story Date: September 2, 2010