California Real Estate Fraud Report

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17
Aug

Man Running Real Estate Investment Scam Going to Prison

An alert attorney is responsible for bringing to light the dark side of a Richmond-area businessman who apparently was not what he appeared to be.

Attorney Jordanna Thigpen sued Keith Wilson on behalf of three victims. Now Wilson is heading off to prison, possibly up to five years, following a plea bargain with prosecutors.

According to police, Wilson was running a real estate investment fraud, for which he was arrested in Stockton and then charged with defrauding seven people out of more than $400,000. The scam involved Wilson convincing local residents to invest in the distressed real estate market. He promised (but did not) to purchase foreclosed properties, rehab them and then sell them at a profit through his companies Tribecca Properties LLC and Lone Cedar Corp.

Thigpen’s lawsuit alerted authorities, who spent 22 months looking for Wilson, who vanished ahead of the 34 search warrants that were issued against his name. She was impressed by the police work and outcome, saying “Often it is difficult to have these people sentenced. Look at Wall Street; they’ve done way more damage than someone who’s done a drug crime.”

Read the original article in the San Francisco Examiner.

© 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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