California Real Estate Fraud Report

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06
Nov

San Fernando Valley Real Estate Agent Awaits Sentencing in Ponzi Scheme

Jeremy Matz, Assistant U.S. Attorney, has announced that Celia Gallardo, 42, of North Hills, has pleaded guilty to one felony count of wire fraud.

Gallardo was a California licensed real estate agent who was charged with running a Ponzi scheme after the FBI investigated her following complaints from investors. Gallardo solicited their funds for a “real estate investment” program and issued them promissory notes to win their trust and confidence. Her real estate license is still active and in good standing as of this writing.

AUSA Matz says he believes Gallardo will go to prison when she is sentenced in March 2013 but does not know the length of the term.

Part of her plea agreement includes making restitution to her victims. This may prove ultimately difficult, as Gallardo apparently spent much of the investors’ funds on herself, including purchasing luxury items and travel.

There are several earlier articles about Celia Gallardo in the California Real Estate Fraud Report. Use the search bar to the left to find them.

Read the original article in Hometown Station.

 

 

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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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