Articles Tagged with ''real estate fraud''

New York developer admits to bilking investors in long-running luxury real estate Ponzi scheme

Pleads guilty to defrauding investors out of $58 million
A New York real estate developer admitted in court last week that he ran a luxury real estate Ponzi scheme that defrauded investors out of $58 million over several years. According to court documents, Michael D’Alessio took much of the money for his own benefit, using it to pay off debts and prior investors, and to fund significant gambling and other personal expenses.
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Former bassist for The Ataris admits to masterminding multi-million-dollar real estate scam

Scheme defrauded more than 100,000 people
The former bass player in The Ataris, a rock band that gained notoriety with a 2003 cover of Don Henley’s “The Boys of Summer,” admitted in court late last week that he spearheaded a massive real estate scam that defrauded more than 100,000 people nationwide out of more than $25 million.
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Arizona real estate fraudster jailed for defrauding Hispanic families

Gets more than 7 years in jail plus 6 years of probation
The owner of several Arizona real estate companies will spend more than seven years in prison after pleading guilty to defrauding dozens of Hispanic families out of millions of dollars. According to Arizona Attorney General Mark Brnovich, Francisco Aguirre used several real estate companies to prey on 40 families in Arizona by seemingly selling them a home. But, in reality, Aguirre did not actually sell the properties in question to the supposed buyers.
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SEC accuses California men of running $2.18 million home flipping scam

Allegedly took investor funds for personal use
The Securities and Exchange Commission is charging two California men with running a home flipping scam that defrauded dozens of investors out of their retirement savings. According to the SEC, the men actually purchased some properties, and were successful in turning a profit by flipping those properties, but did not make enough money to cover the money they took for their own use.
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Attorney gets 30 months for conspiring to steal distressed borrowers’ homes

Convinced struggling borrowers to vacate, then rented houses out on Craigslist
An attorney will spend the next 30 months in federal prison after being convicted for his role in a scheme that effectively stole the homes of distressed homeowners under the guise of helping the borrowers avoid foreclosure, before turning around and renting the homes out through Craigslist.
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New Mexico man admits to embezzling nearly $1 million from real estate company

Convinced investors to invest $1 million, spent $995,000 on himself and his wife
A New Mexico man admitted in court that he and his wife spent all but $5,000 out of $1 million that investors gave to the pair under the guise of investing in a real estate company. According to court documents, Willis spent $995,000 of the victims’ $1 million instead of investing the funds as he told the investors he would.
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California man charged with running $20 million real estate Ponzi scheme

Allegedly lied to investors about real estate deals
A California man stands accused of bilking investors out of $20 million by running a real estate Ponzi scheme. According to court documents, Seth Depiano operated a Ponzi scheme that attracted real estate investors and convince them to give to him and the businesses he controlled, which included The Rental Group, U.S. Funding and Home Services, and Draymond Homes, more than $20 million.
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