California Real Estate Fraud Report

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12
Jul

Realtor® Gets Stiff Prison Sentence for Ponzi Scheme

A San Jose Realtor® has received a prison sentence of 15 years in prison after being convicted of 52 felony fraud charges for running a Ponzi scheme that defrauded her friends and family out of more than $2 million.

Jill Marie Silvey, 51, convinced 20 investors to lend their money to her real estate clients. The clients were unaware of the scheme; Silvey used the money to pay back earlier investors as well as spend much of it on luxury items for herself. This may make it difficult for her to pay the court-ordered restitution . . .

“The real loss to the victims was the emotional pain they suffered at the hands of Ms. Silvey,” said Santa Clara County deputy district attorney Katharina Wells in a statement. “Jill Silvey victimized her own family and close friends, stealing over $2 million to keep her Ponzi scheme going while spending the victims’ life savings on lavish personal items.”

Read the original article in the Silicon Valley Mercury News.

© 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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