California Real Estate Fraud Report

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22
Mar

Seal Beach Man Convicted for Elder Financial Fraud in Selling of Foreclosed Properties

John Wesley Martynec, 36, of Long Beach has been convicted today of stealing approximately $302,000 from his real estate investors by falsely promising to profitably resell foreclosed properties. He pleaded guilty to two counts of grand theft, one count of statements in connection with a purchase or sale of securities and the use of a scheme to defraud, one count of financial exploitation of an elder, and a sentencing enhancement for property loss exceeding $200,000. All are felonies.

Two of Martynec’s victims are elderly. Martynec promised them he would invest in foreclosed properties, which he would then re-sell at a profit. Although he took the investors’ funds, he never made any purchases.

Martynec faces a maximum of three years in state prison when he is sentenced this June. Whether he gets to keep his broker’s license will be up to the California Department of Real Estate.

Read the original article in the Orange County Breeze.

© Copyright 2007-2017 Monique Bryher

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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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