California Real Estate Fraud Report

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26
Mar

San Jose woman sentenced for real estate Ponzi scheme

The office of United States Attorney Melinda Haag announced that Joyce Esther De Armero was sentenced to 12 months and one day in prison and ordered to pay restitution for mail fraud in a real estate investment fraud case.

De Armero, 37, pleaded guilty on December 4, 2014, to mail fraud and admitted that she conned investors into giving her money to invest in high-interest real estate loans with guaranteed returns between July 2008 and January 2010.  She confessed that she made no investments but spent the money on herself, other than using some of the funds from the later investors to re-pay the earlier ones, in order to keep her Ponzi scheme operating.

Read the original article in the Imperial Valley News.

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