Fuller v. Neyenhuis
Back in 2008, John Turpin was involved in two investment real estate purchases, with two separate partners. One purchase was of a house in Sunset Beach with Kenneth Fuller. The other purchase was of a lot in Corona Del Mar with Dan Neyenhuis. But the house purchase in Sunset Beach was never consummated. Instead, Turpin forged Fuller’s signature on instructions to abort the escrow and had $750,000 of borrowed money already placed in the escrow disbursed to himself. Turpin never paid back the money taken from the escrow, which left Fuller obligated to the lender.
By contrast, the Corona lot purchase was completed, in part because Turpin managed to come up with his $265,000 half of the $530,000 down payment: He directly contributed $102,000, plus he arranged to borrow another $163,000. Neyenhuis was good for his own $265,000 share of the down payment, so the deal went through. Even so, Neyenhuis and Turpin both lost money when the property was later sold for a loss in 2010.
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