California Real Estate Fraud Report

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22
Aug

Hemet Man Goes to State Prison for Novel Ponzi Scheme

A 56-year old Hemet man who concocted a novel and elaborate Ponzi scheme that defrauded his investors of more than $12 million has been sentenced to 15 years in state prison and order to pay full restitution to his victims.

Ralph John Solis pleaded guilty to four counts of grand theft and operating a business for the purpose of committing securities fraud. The 15 years includes a sentencing enhancement for committing an aggravated white-collar crime.

Solis’ scheme was to find mortgages held either by private parties, e.g., relatives, or non-mainstream lenders, getting copies of the deeds of trust and adding his name as the beneficiary (title fraud). The phony deeds of trust were then sold to unsuspecting buyers and included first, as well as junior, liens.

The victims resided in all Southern California counties in addition to Texas and Arkansas. In keeping with the Ponzi scheme mentality, Ralph Solis spent the money on himself.

Read the original article in the Los Angeles Times.

© Copyright 2007-2017 Monique Bryher

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