A Downey man has been charged with running a Ponzi scheme and related mortgage scam that took in more than $20 million. Juan Rangel, who used Spanish-language TV, radio and newspaper ads to advertise his businesses, was already in custody — he was convicted last year of bribing a Bank of America bank manager. In addition to Rangel, two other men were arrested in connection with the alleged mortgage scam. Rangel, 46, faces a maximum of 95 years in federal prison from last year’s conviction and up to 232 years in prison if convicted of running the alleged Ponzi and mortgage scams. He did not have a lawyer as of Thursday evening to represent him on the new charges.

Most Popular Articles

Millennials don’t trust lenders or the housing market – So how do we reach them?

One of the most defining characteristics of the Millennial generation’s experience with the financial and housing ecosystems is that of fear. HousingWire Columnist Kristin Messerli offers a social work-inspired approach to help housing professionals reach younger homebuyers.

Feb 12, 2020 By

Latest Articles

Equifax expects to pay out another $100 million for data breach

The Department of Justice says it knows who hacked Equifax and exposed the sensitive personal information of 148 million consumers, but that doesn’t mean the breach is behind Equifax quite yet.

Feb 14, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please