LAGUNA HILLS — Once again someone came up with what they undoubtedly thought at first was a fool-proof scheme to steal money from customers and clients.
62-year-old Lyle Edward Pearson pleaded a combination of guilty and no contest to a host of charges that included grand theft, aggravated white-collar crime, transacting insurance without authority, and issuing Land values.
Pearson operated under BDSI and SAVE USA. The California Department of Insurance explained, “marketing and selling contracts that claimed to assure the equity value of residential property for 10 years and was backed by insurers and other guarantors. Pearson told victims the contracts were backed by billions in real estate, an international bank guarantee for one hundred million pound sterling, a global insurance company, and corporate collateral assets, and that after a two-year waiting period contract holders could submit claims on their contracts—all of which was false.”
Pearson’s scheme included offering bogus bank guarantees. He was not licensed and his contract claims were not honored. He used the word “assurance,” purporting that it was “insurance.”
He was sentenced to five years in prison, However, after being in custody since his arrest on December 16, 2014, Pearson was credited for time served, released, and placed on five years of probation.
He also has been ordered to repay $464,544 to 18 different victims.