California Real Estate Fraud Report

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Huntington Park Broker Arrested for Real Estate Fraud

Federal prosecutors have indicted Salvadoran citizen Milton Retana on charges of fraud and making false statements. He is accused of setting up a Ponzi scheme in 2006 that targeted the Latino community and victimized more than 2,000 people to the tune of at least $62 million. When federal postal inspectors raided a Spanish-language religious bookstore next door to Best Diamond Funding Corporation, a real estate brokerage and mortgage lending company he owned, they found $3 million in cash stuffed in envelopes.

The bookstore, Libreria del Exito Mundo, is run by Retana’s wife Lydia Campos.

Retana and Best Diamond Funding Corporation are being investigated by both the United States Postal Inspection Service and the California Department of Real Estate.

Read the Full Article in The Los Angeles Times.

© 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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