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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Moncure files lists of assets, liabilities

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James Moncure

James Moncure

A Fredericksburg-area real estate investor under investigation for fraud has about $16.3 million in assets, according to financial statements filed late Friday in Richmond federal court.

James Ashby Moncure filed the schedules of assets and liabilities as required in his Chapter 7 bankruptcy case. A meeting of Moncure’s creditors is scheduled for 10 a.m. Friday in Suite 4300 of Richmond’s federal courthouse at 701 E. Broad St.

Moncure, 41, is being investigated on claims that he borrowed money from people and did not use the funds for the stated purpose of making real estate investments in the Fredericksburg area. On March 4, he sent a long email to noteholders indicating that he would not be able to repay the promissory notes.

Fredericksburg and FBI detectives have said they have identified almost 50 possible victims and $20 million in losses in the case, which is being investigated under code sections involving obtaining money by false pretense and securities fraud. Moncure has not been charged.

Moncure’s financial statements show $8.1 million in liabilities, but the list primarily includes only claims secured by real estate Moncure owns. The amount owed to many of the unsecured creditors is listed as “unknown,” as detectives seized Moncure’s financial records as part of the investigation.

Real estate holdings make up the large majority of the assets Moncure shows in the filing. The assets include waterfront property around Lake Anna in Spotsylvania County, two large homes in downtown Fredericksburg, a property in Nelson County, undeveloped land in Stafford County and additional residential property in Virginia and North Carolina.

The amount of the secured claims on many of the properties exceed the estimated market value.

Moncure’s single-biggest asset is his stake in the Quantico Corporate Center off U.S. 1 in North Stafford, according to the filing. Moncure and his two brothers own a 50 percent stake in the property through an LLC. His financial records value his stake in Quantico assets at about $10 million.

Richmond bankruptcy attorney Lynn L. Tavenner has been appointed as trustee in the case and will be tasked with identifying, securing and potentially selling assets, and distributing any proceeds to creditors.

Moncure grew up in Stafford and graduated from North Stafford High School and Mary Washington College. He is married with two daughters.

Some people who lent money to Moncure were told that the funds would be used for land investments near the QCC.

It is unclear how the borrowed money was used. Moncure, a former stockbroker, in the March 4 email referenced that he used an Ameritrade account and became overextended. The email also noted the risks of leverage and the options market.

The financial records Moncure filed in the bankruptcy case show that he had accounts with institutions including Charles Schwab, Optionsxpress, Ameritrade, E-Trade and Fidelity Investments.

Search warrants filed in Fredericksburg Circuit Court have indicated that Moncure wired around and withdrew money in the months leading up to the email being sent.

Permalink: http://news.fredericksburg.com/businessbrowser/2014/05/12/moncure-files-lists-of-assets-liabilities/

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