SIMI VALLEY : Foreclosure Sale of Ely Home Postponed
The foreclosure sale of the home of James T. (Tom) Ely, the former Ventura County Community College District trustee who was convicted of fraud and embezzlement, has been postponed.
Ely’s Simi Valley home, which was scheduled to be sold Friday, will instead be sold Dec. 4 because Ely’s bid for personal bankruptcy has not been completed, said Carol Baker of T. D. Service in Orange.
The Orange County firm is handling the foreclosure sale for Wells Fargo Credit Corp., which is still owed $59,000 by Ely for the house.
“The bank cannot go forward with the sale until they get a release from the court or the bankruptcy is canceled for some reason,†Baker said. The bankruptcy proceeding automatically stops a foreclosure sale, she said.
Ely was convicted in July, 1991, of 27 counts of fraud and embezzling $15,000 from the college district by padding his expense account.
Sentenced to a year in jail, Ely has remained free while recovering from surgery to remove a facial tumor.
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