California Real Estate Fraud Report

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07
Jun

Lee Loomis Associate Pleads Guilty in Real Estate Investment Fraud

In a step towards the prosecution of a large-scale, multi-state real estate fraud and Ponzi scheme, Johnny Eugene “Jay” Grivette, Jr.,  has pleaded guilty to two charges of mail fraud and money laundering. Grivette, 37, has agreed to cooperate by testifying in the case prosecutors are building against his associate Lawrence Leland “Lee” Loomis, 55.

Loomis, formerly of Granite Bay, was on the circuit of real estate investors who promoted his product, Loomis Wealth Solutions, at hotel seminars seminars in California, Washington and Illinois. Although not charged with a crime to date, Loomis convinced more than 100 private investors to trust their money with him by promising 12% annual returns. The safety of their money was guaranteed through his NARAS Fund, of which Grivette was the signer as manager of Advantage Financial Partners, another Loomis-controlled company.

Read the original article in News10.net.

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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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