Diane Stech, Core Mortgage
Diane Stech, Core Mortgage Defrauded Investors

Diane Stech is a mortgage broker in Scottsdale, AZ (formerly with Spectrum Financial and as of June with Core Mortgage, both in Scottsdale).

Diane Stech solicits former mortgage customers and colleagues to invest in alternative investment opportunities with her "very successful business partner" Leona Blanche (aka Lee Blanche). What Diane fails to disclose is that Lee Blanche is not a very successful business partner, but her life partner as they live together and Diane likely benefits financially from the investment opportunities Lee Blanche solicits.

In Diane Stech solicited and advertised a concert promotion company for which Lee Blanche was raising funds. All told, Lee Blanche raised approximately $6 million dollars of investor funds (many from Diane Stech's direct referrals and advertisements) for what Lee Blanche claimed was to be used to fund concerts by artists such as Jimmy Buffett, Faith Hill, Pearl Jam, Billy Joel and many other top performing acts.investors contracted to receive a 2 to 4 percent return per month for a short-term investment (between 60-90 days). For raising these funds, Lee Blanche was to earn $600,000 - $800,000 annually, including any other kickbacks she received.

Lee Blanche made numerous assertions to her investors, claiming that the company she worked with (Transcapital) and the promoter it used (Miko Wady) had been in the concert promotion business for 4 years and had promoted hundreds of concerts, never having lost money on an event. Lee Blanche also ensured her investors that she had corporate insurance on her company, Nikki Holdings, in case an event was not profitable.

Upon raising $6 million of investor funds, Lee Blanche forwarded the funds to James (a.K.A. Jim), Adam and Jeremiah Cundiff. The Cundiffs operate a number of corporations in Mesa, Arizona, including Business Growth Advisors and Transcapital. The Cundiffs claim to have forwarded the $6 million from Lee Blanche's investors to Miko Wady, a supposed concert promoter with a number of Arizona corporations including Dezert Heat Worldwide. It has recently come to light that the Cundiffs lent Miko Wady between $25 - $30 million of individual investor money for concert promotions.

After many months passed in which Lee Blanche's investors were not repaid their $6 million, the Cundiffs and Lee Blanche alleged that Miko Wady never promoted a concert with the investor funds and essentially embezzled the $30 million in an elaborate ponzi scheme. At this point it appears that approximately $30 million dollars of investor money may have been stolen by Miko Wady, and potentially the Cundiff family and Lee Blanche.

Lee Blanche claims that Miko Wady duped her and the Cundiffs. Despite the fact that $6 million dollars of Blanche's investor money was lent to the Cundiffs, Lee Blanche says she never bothered to actually contact the artist's management to ensure that the Cundiffs or Miko Wady actually invested in the contracted concerts. Unfortunately, this leads to one of 2 conclusions about Lee Blanche: 1) she is involved in fraudulent activity with Miko Wady &/or the Cundiffs to embezzle millions of dollars of investor money, or 2) Lee Blanche is a fool and raised millions of dollars of funds and did not perform basic due diligence or implement financial controls to ensure the concerts were indeed being funded. Either conclusion you reach is disastrous for investors - - do not be scammed by Lee Blanche or her partner Diane Stech.

Although Blanche maintains she is innocent, rather than working with her investors to get their funds returned, Blanche repeatedly lied to her investors and assured them that the investment was legitimate and they would soon be paid. Lee Blanche then aligned with the Cundiffs and sought legal representation from the Cundiffs attorney. Talk about a conflict of interest rather than work to get her investors money returned, Lee Blanche aligns with the people she claims stole the funds! Further, Lee Blanche's promises of having adequate corporate insurance was either a lie or she refuses to file a claim, as she has taken no action to repay her investors.in discussion with Arizona securities attorneys, it is clear that Lee Blanche and possibly Diane Stech violated Arizona securities laws in their direct solicitation of a security (the supposed concert promotion company) without the appropriate licensure and adherence to state and federal laws.

Lee Blanche and her partner Diane Stech have likely earned hundreds of thousands of dollars off investors in this and other financial schemes (including a number of real-estate deals). Meanwhile, many hard working honest people have lost millions of dollars, some of whose lives have been ruined due to devastating financial losses due to Blanche & Stech's fraud or incompetence.

Please do not do business with Lee Blanche or Diane Stech and reward their fraudulent behavior.

Company: Diane Stech, Core Mortgage
Country: USA
State: Arizona
City: Scottsdale
Address: 15333 North Pima Road Suite 300
Phone: 4809933000

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