A Los Angeles Superior Court judge slapped...
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A Los Angeles Superior Court judge slapped a temporary restraining order on a Santa Monica developer in connection with a real estate securities fraud case. In a lawsuit filed last month, the California Department of Corporations has alleged that developer Jack Stern and his wife Janna made an undisclosed profit of $8.5 million over the past decade by selling shares in limited real estate partnerships to 200 investors. The restraining order prevents the Sterns from conducting further foreclosures or from selling and taking any profits from the properties.
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