Published: Wednesday, Jul. 15, 2009
$10 million bail set for Santa Maria hard-money lender Mike Wilson
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closeHard-money lender Mike Wilson, under arrest since Friday on 147 counts of felony, had his bail set at $10 million in a Santa Maria court hearing Tuesday.
Wilson, 55, is facing allegations of grand theft, forgery, misrepresentations in the sale of securities and elder abuse by embezzlement. Wilson could spend the rest of his life in prison if found guilty of the charges.
The arraignment hearing is set for July 24, when Wilson will enter his plea.
Santa Barbara County prosecuting Deputy District Attorney Jerry Lulejian could also ask for an increase of Wilson’s bail to $15 million, based on the alleged victims’ losses of more than $15 million, Lulejian told The Tribune on Tuesday.
Lulejian has also asked the Superior Court for a speedy trial, because many of Wilson’s alleged victims are elderly.
Out of the more than 45 people listed as alleged victims in Lulejian’s complaint, three people are older than 90, five people are older than 80, six are older than 70 and one is 69, Lulejian said.
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