Items Tagged with 'real estate fraud'

ARTICLES

  • 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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  • SEC accuses Michigan pastor of leading $6.7 million real estate fraud scheme

    Allegedly targeted church members, retirees, and laid-off auto workers
    A Michigan pastor allegedly bilked church members, retirees, and laid-off autoworkers out of millions of dollars by convincing them to invest in a “successful” real estate scheme, the Securities and Exchange Commission said last week. All told, the SEC is charging Larry Holley, the pastor of Abundant Life Ministries in Flint, with defrauding approximately $6.7 million from more than 80 investors.
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  • Real estate agent faces up to 30 years in prison for mortgage fraud

    And that's for pleading guilty
    A real estate agent pleaded guilty Tuesday to his participation in a mortgage fraud scheme, dating back to 2008. In the latest update on his case from the United States Attorney for the District of Maryland Rod J. Rosenstein, he faces a maximum sentence of 30 years in prison and a $250,000 fine for conspiring to commit wire and mail fraud, and for wire fraud.
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