California Real Estate Fraud Report

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13
Oct

FBI Investigation Yields Guilty Plea in $25 Million Ponzi Scheme

Thanks for the FBI, a San Francisco-area man operating a Ponzi scheme has been stopped.

Maher Talal Muhawieh, 31, who was accused of defrauding 80 investors out of $25 million, has pleaded guilty to wire fraud in federal court.

According to United States Attorney Melinda Haag, Muhawieh  that he solicited investors’ monies, promising them high rates of return for properties Muhawieh would purchase, rehabilitate and sell (Ponzi scheme). In truth, he used the funds he received to pay back the earlier investors.

Read the original article in 7th Space. The press release by the United States Attorney for the Northern District of California can be read by clicking here.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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