California Real Estate Fraud Report

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Tracy Real Estate Agent in Foreclosure Scam

Real estate broker Leesa Ward was once considered one of the most successful real estate agents in Tracy, California. But in August 2005, she and her business partner and sister Athena Handleson began a new venture of selling shares to local investors – to the tune of $1 million in shares – for the purposes of purchasing foreclosures and “fixer-uppers”.

According to the state Department of Corporations’ Desist and Refrain Order that was issued November 28, Ward said she would renovate and resell the homes at a profit, then return the surplus to investors. At minimum, they would receive a 12% return. In reality, it is alleged by the State that Ward and Handleson misled investors about how their money would be used, converting much of it to personal use instead of purchasing foreclosed properties. Apparently many investors lost all, or most, of their money.

The Department of Corporatations order also barred Ward and Handleson from selling any more stock in California, which they did not have a legal license to do in the first place.

Meanwhile, Ward is facing civil lawsuits from several of the investors, a sexual harassment suit, and lawsuits from home buyers who claimed that Ward’s agents lied about the value of their homes.

Read the Full Article in the Tracy Press.

My check of Ward’s real estate license with the State currently shows “no disciplinary action”. Hmmm.

© 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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