California Real Estate Fraud Report

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10
Nov

Victorville Man Sentenced to 9 Years in Ponzi Scheme and Elder Financial Fraud

A man who earlier fled to Thailand to escape the long arm of the law has pleaded guilty to 29 felony counts against him.

Ronald Paul Shade, 39, allocuted to real estate fraud, grand theft, financial elder abuse and filing forged documents with the San Bernardino County Recorder’s Office. For his crimes, San Bernardino Superior Court Judge Michael Dest sentenced Shade to nine years and order him to repay $3.597 million to his victims.

The first victim to notify the San Bernardino County District Attorney’s Office about Shade was Yachiyo Haney, 68, who lost her life savings of $435,000 to him. Shade had operated Orange Crest Realty and advertised in publications such as the Los Angeles Times, promising returns of up to 18% to investors.

Read the full article in the Victorville Daily Press.

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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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