California Real Estate Fraud Report

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07
Jun

Petaluma Agent Arrested for Ponzi Scheme in Real Estate Investment Fraud

Petaluma real estate agent Aldo Baccala has been arrested and charged with  167 felony counts of grand theft, securities fraud and elder abuse. The charges came after complaints were filed with the Sonoma County District Attorney’s Office and the Office of the California Attorney General. If the charges are true, Baccala may have stolen more than $20 million from investors – many of them elderly (elder financial fraud, elder financial abuse) in a Ponzi scheme.

Baccala, 71, raised millions of dollars by promising investors he was purchasing nursing homes and could pay 12% dividends. Most of the investors, who referred Baccala, his wife Karen Baccala and his brokerage Baccala Realty to their friends, have lost all of their money.

In 2009, he settled with 75 investors for $21 million settlement having to do with purported investments of nursing homes on the East Coast (real estate investment fraud).

Aldo Baccala is currently a resident of the Sonoma County Jail under bail of $2 million, according Sonoma County District Attorney Jill Ravitch.  His real estate license expired in April 2010.

Read the original article in the Santa Rosa Press Democrat.

 

© Copyright 2007-2017 Monique Bryher

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