California Real Estate Fraud Report

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03
Aug

Santa Clara Realtor Arrested for $1.2 million Ponzi Scheme

Jill Marie Silvey, 50-year-old Santa Clara County real estate agent, has been arrested and charged with defrauding her clients out of $1.2 million. Because several of the victims are over 65 years of age, counts of elder financial fraud are included in the charges.

The Santa Clara County District Attorney’s Office is accusing Silvey of operating a real estate Ponzi scheme that involved getting her victims-clients to invest in a program where their money was supposed to be used as loans to homeowners in exchange for monthly interest payments. The homeowners, however, had no such knowledge of Silvey’s operation.

The pyramid scheme, or Ponzi scheme, occurred when Ms. Silvey paid some of her victims back using the money she received from newer victims.

The California Department of Real Estate shows Jill Marie Silvey’s license as active.

Read the original article in KTVU.com.

This entry was posted on Friday, August 3rd, 2012 at 11:03 am and is filed under Ponzi Schemes, Real Estate Crimes, Real Estate Fraud, Real Estate Investment Fraud. Responses are currently closed, but you can trackback from your own site.

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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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