California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

16
Oct

San Fernando Valley Realtor® Pleads Guilty in Ponzi Scheme

A San Fernando Valley Realtor® who conned investors out of at least $2.245 million in a phony condominium real estate investment fraud has pleaded guilty to her crimes.

Celia Gallardo, 42, of North Hills, entered a guilty plea for wire fraud in front of U.S. District Court Judge Dean D. Pregerson. Gallardo not only faces 20 years (I hope) in federal prison but must make restitution to her victims. This might be difficult, as instead of making the promised investments, she repaid earlier investors in her Ponzi scheme, took her friends and family on a Mediterranean cruise, paid her mortgage (how responsible) and of course withdrew a lot of cash for herself.

Her plea agreement required Celia Gallardo to fully allocute to her crimes, which included admitting that she lied to investors from September 2007 and for a year thereafter about earning them (suspiciously) high returns on her condo real estate investment program.

Gallardo’s real estate salesperson’s license is still active on the California Department of Real Estate website; I hope they revoke her license pronto.

Many thanks to the hard work of the Federal Bureau of Investigation for getting this dirty agent off the streets.

An earlier posting about Celia Gallardo can be found by clicking on California Real Estate Fraud Report.

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.