A $225 million Ponzi scheme involving investments in rehabilitated “scratch and dent” real estate led to fraud and money laundering charges against a California businessman, prosecutors in Los Angeles said.
Jung Lim plans to offset the cost of rising mortgage rates by using an adjustable-rate loan to buy a home for his expanding family. For the California endodontist, the money he’ll save makes up for the ARM’s risky reputation.
Los Angeles residents, no strangers to heat, broiled as the temperature hit a record 113 Fahrenheit. Schools canceled recess, firefighters aided heat-stroke victims and the public poured onto beaches to cool off.