West Linn Man Pleads Guilty for Role in Real Estate, Agriculture, and Mining Investment Schemes | USAO-OR

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PORTLAND, Ore.—A West Linn, Oregon man pleaded guilty today for posing as a successful real estate developer, hemp seed cultivator, and owner of a precious metals mining venture to fraudulently obtain millions of dollars from individual investors and lenders.

David A. Shelofsky, 53, pleaded guilty to one count each of wire fraud and money laundering.

According to court documents, beginning in 2013, in Oregon and elsewhere, Shelofsky knowingly and intentionally devised several different investment fraud schemes. Shelofsky falsely told prospective investors and lenders that he had successful real estate development projects in Bend, Oregon and West Linn and a successful hemp seed cultivation and distribution venture in West Linn. During the same time period, Shelofsky and two other individuals formed a precious metals mining operation that purportedly used a proprietary mining technique to extract precious metals from the sand tailings of other…

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