Former Lender’s Newport Beach Home Robbed

The target of a high-profile robbery Tuesday night turned out to be the home of a former sub-prime lender in Newport Beach. Authorities aren’t sure, however, whether this has anything to do with the suspects’ motives.

Records show that the home, located in Longboat, Newport Coast, belongs to Daniel Sadek, who headed the now-defunct lending firm Quick Loan Funding. Sadek had declared bankruptcy in Nevada two months ago.

Initial reports show that nine people were in the home during the robbery. Four armed suspects had burst into the home, taken cash and jewelry, and assaulted three residents. The victims suffered head injuries, and one had to be taken to the hospital for treatment.

Three of the suspects were arrested after an 11-hour search, but two others remain at large. Police continued to search for the two others the following morning, but finally called it off Wednesday night.

The ones in custody were identified as Antoine Bashiri and Mickael Andre Hastings from Los Angeles, and Peter Joseph Baturzo from Mission Viejo. All are being held on a $100,000 bail.

Experts are still investigating how the suspects entered the neighborhood, Pelican Ridge, a tightly guarded gated community. They are currently looking for possible links between the crime and Sadek’s former business.

Daniel Sadek founded Quick Loan Funding in 2002, at the peak of the sub-prime boom. By the time the company fell apart in 2007, he had written about $4 billion in adjustable-rate mortgages in and around Newport Beach.

 

Earlier in Newport Beach Real Estate News:
Newport Beach Home Prices Up Over Year
Newport Beach Among O.C.’s Slowest Markets
Newport Beach ZIP Sees Sales Spike as Prices Plunge