Sixty-three-year-old Ralph Leyva has been sentenced to four years in prison after pleading no contest to charges related to conducting a real estate scam.
According to prosecutors in the Stanislaus County District Attorney’s Office, Leyva defrauded his investors by promising them he would sell them bulk REO (foreclosed) properties from Fannie Mae and Freddie Mac at a 30% discount, when in fact he was transferring the money from his phony businesses to a personal account. As a result, the court ordered him to pay restitution to his victims.
Ralph Leyva’s case was investigated by the Stanislaus County District Attorney’s Office real estate fraud unit and the Federal Housing Finance Agency-Office of Inspector General.
Read the original article in the Modesto Bee.