The former head of monterey based mortgage lender cedar funding has had his sentencing delayed. david nilsen has already agreed to a plea deal, and is expected to be sentenced to 97-months in federal prison. His sentencing hearing was set for next Monday, but it was delayed until april 2nd, so that attorneys can finalize sentencing documents. Cedar funding collapsed in 2008, costing investors more than 100-million dollars. nilsen pleaded guilty to conspiracy to commit mail and wire fraud. A bankruptcy trustee reported that the firm had basically been run as a “ponzi scheme” for several years, (meaning cedar was paying back customers with investments from other customers, instead of actually making profits).
