California Real Estate Fraud Report

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Irvine Real Estate Broker Pleads Guilty to Ponzi Scheme

Real estate broker David Sparks has pleaded guilty to interstate wire fraud in federal court, ending a successful career in Orange County, including a stint as an Irvine planning commissioner.
Sparks defrauded 34 people out of more than $34 million in a Ponzi scheme, including his family, friends and clients.
 A veteran real estate broker and former Irvine planning commissioner has agreed to plead guilty , admitting he cheated 34 people out of more than $4 million.

Sparks, 50, admitted he forged bank documents with phony escrow companies (escrow fraud) and made up progress reports that showed the victims’ investments were profitable.

The California Department of Real Estate’s website shows that David Sparks’ real estate license is still valid.

Read the original article in the Orange County Register / OC Register.

© Copyright 2007-2018 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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