California Real Estate Fraud Report

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Visalia Man Arrested in Real Estate Investment Fraud

An article in the Los Angeles Times states that Jesse Alvin Cripps, 57, has been arrested in a real estate scam. According to the FBI, Cripps is thought to have stolen $2 million from persons he met through his church and other avenues by telling them they would earn 10% each month by investing in his real estate investment trust when he used the money for personal use instead.

The State of California Department of Corporations has also issued a cease-and-desist order against Jesse Alvin Cripps and his business Horizon Financial Services, Inc. because he “misrepresented to investors during the offer or sale of securities that investors would receive a profitable return on their investments.”

Read the cease-and-desist order here.

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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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