A Tustin broker was convicted Monday of stealing $6.9 million from investors in a real estate fraud scheme, authorities said.
Mark Alan Helsing, 53, pleaded guilty to 55 felony counts of grand theft, seven felony counts of filing false recorded documents and a more than six other felony counts and sentencing enhancements, the Orange County district attorney's office said.
Helsing was charged with defrauding 12 people in the scheme between May 2004 and June 2007.
He operated four Orange County-based businesses and served as a "hard-money" lender, or an investor who provides money to borrowers looking for funds from lenders other than financial institutions, the district attorney's office said.
Helsing used funds from new investors to pay off old investors and kept money that should have been used to fund loans, prosecutors said. Helsing is scheduled to be sentenced Dec. 2 at the Central Justice Center in Santa Ana. He faces up to 15 years in state prison.
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— Robert J. Lopez
Photo: Mark Alan Helsing. Credit: Orange County district attorney's office
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