CSC takes over Glen Ivy and Links in Summerly after seizure by SEC

A court appointed receiver has hired CSC Golf Management to manage both the Golf Club at Glen Ivy in Corona, Calif., and Links at Summerly in Lake Elsinore. The Temecula, Calif.-based operator now manages four courses.

Both courses were part of an alleged Ponzi scheme by a Chinese-owned golf-course owner. The Securities & Exchange Commission filed a complaint against World Capital Market, Inc. and other entities controlled by Ming Xu, alleging that they defrauded tens of thousands of investors in a bogus venture that involved cloud computing services.

“This matter involves an ongoing pyramid scheme, Ponzi scheme and misappropriation of investor funds through an unregistered securities offering that targets members of the Asian-American and Hispanic-American communities, as well as foreign investors,” the complaint states.

The SEC alleges that World Capital Market used some of the $65 million that it raised to acquire the two golf courses in 2013. It paid $6.5 million for the Golf Club at Glen Ivy, and a month later acquired Links at Summerly, an 18-hole, Cal Olson-designed track in Lake Elsinore. The latter is part of a 1,481-acre community that’s being developed by McMillin Companies, the seller.

CSC was previously an affiliate company of McMillin, a real estate community developer based in San Diego. Mark Stevens, CEO of CSC, worked for McMillin Companies for 15 years, but recently acquired full control of  the company.

CSC also manages Redhawk Golf Club in Temecula and Sail Ho Golf Course in San Diego, both owned by McMillin.

Stevens started in the golf industry in 1983 working at Singing Hills Country Club working for Tom Addis. He moved to Stardust Country Club and worked there until it was closed in 1995, when it was renovated and renamed Riverwalk Golf Club. He briefly worked for American Golf at Mission Trails Golf Course and Eastlake Country Club, both in the San Diego region, before being hired to work directly with the A.G. Spanos family and Dr. Barry Ruhl to develop the Reserve at Spanos Park Golf Club in Stockton.

McMillin hired him in 2001, when it purchased Temeku Hills Golf and Country Club in Temecula.

CSC also has a new contract with Sail Ho, a 9-hole course in the center of San Diego. It plans to upgrade the dining facilities and change the name of the course. Stevens has partnered with the owner of a local restaurant, nightlife and entertainment company to remake renovate the bar and restaurant.

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