Tuesday, Aug. 26, 2003 | 11:51 a.m.
Theft and conspiracy charges were filed on Monday against David Ferradino, operator of the failed Interstate Mortgage of Las Vegas, and homebuilder Edward T. Manley of Champion Village LLC.
The 78-count criminal complaint was filed in Clark County District Court by Deputy Attorney General Matthew Dushoff. The complaint alleges that Ferradino and Manley, between December 1997 and May 2000, misrepresented a real estate deal involving 39 investors.
The two are charged with one count of theft and one count of fraud for each investor.
The complaint alleges that Ferradino and Manley obtained $5.4 million from the investors to purchase 27.4 acres at Stephanie Street and Interstate 215 in Henderson. Ferradino and Manley, however, failed to notify investors that more than 13 acres of that parcel had to be dedicated back to the city of Henderson, reducing the investment to just 14.3 acres, the complaint alleges.
Ferradino, the complaint alleges, also failed to notify investors that he had an ownership interest in Champion Village LLC.
Pamela Lawson, Ferradino's attorney, said they had not yet received a copy of the complaint and that she believed all claims against her client had been resolved in a 2002 guilty plea he made to similar charges.
Manley's attorney could not be reached for comment.
In January 2002, Ferradino was sentenced to five years probation and ordered to pay $4.2 million in restitution to 90 Interstate Mortgage investors after pleading guilty to theft.
Ferradino was ordered to complete restitution to investors by 2007 by making annual payments.
Dushoff said today that Ferradino has made restitution payments but that he is "woefully behind." Lawson said the payment schedule is unreasonable, and that Ferradino is paying all of his earnings as a real estate agent to the court, living off of his wife's income.
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