California Real Estate Fraud Report

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30
Jan

Elk Grove Man Convicted in Real Estate Investment Fraud

The man known as a “closer” among his fellow defendants was found guilty by a federal jury today a real estate investment fraud scheme that cost investors almost $37 million.

Christopher Jackson, 46, was part of a company known as Diversified Management Consultants, or DMC. Court documents indicated that between 2003 and 2009, DMC operated purportedly to help people save their homes from being foreclosed and also was a real estate investment company. Jackson’s company, Genesis Innovations, induced the 80 or so investors it recruited to invest over $10 million, whether from savings, IRAs or cash-out loans against their residential mortgages.

As with many failed real estate investments, some of the money was returned to earlier investors and other money was used to finance expensive cars, vacations and other luxury items. In Jackson’s case, only about 25% was actually spent on developing real estate.

U.S. District Judge Troy L. Nunley ordered Jackson remanded into custody immediately after the jury’s verdict. Jackson is to be sentenced April 10.

Jackson’s co-defendants, Michael Bolden, 60; Victor Alvarado, 52; Nicholo Arceo, 40; Erica Arceo, 45; and Garry Bradford, 65, all of Sacramento, previously pleaded guilty to charges of conspiracy, wire fraud and false statements and are waiting to be sentenced.

Read the original article in the Sacramento Bee.

 

 

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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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