California Real Estate Fraud Report

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13
May

Roseville Man Pleads Guilty in Real Estate Fraud

Royce Lee Newcomb has pleaded guilty in federal court to wire fraud. He admitted that he and Barry Winnett operated a real estate fraud. Twenty-two investors lost $3 million to what amounted to nothing more than a Ponzi scheme.

With all the media attention directed toward real estate fraud and mortgage fraud scams, Newcomb and Winnett nevertheless concocted a scheme in 2009 and 2010 in which Newcomb solicited the investors for his fund to purchase foreclosed homes and place their monies with Countour Escrow Services, which Winnett operated even though he was unlicensed. Both men withdrew the monies for their personal use (escrow fraud) instead of investing it.

Barry Winnett has already pleaded guilty for his role in this real estate investment fraud.

Read the original article in the Sacramento Bee.

© 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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