California Real Estate Fraud Report

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Ponzi Scam Gets 10 Years in Prison for San Diego Man

Matthew “Beau” La Madrid, 44, of San Diego, who was convicted of a Ponzi scheme and various real estate fraud and mortgage fraud related crimes, has received 10 years in federal prison.

La Madrid was ordered to make restitution of $23.5 million to investors in his Plus Money Premium Return Funds, which prosecutors said was a Ponzi scheme.

He received $34 million by filing 94 fraudulent loan applications and another $3 million from his businesses Real Estate Investment Group and E&M Property Management. As with most Ponzi schemes, much of the monies were used to support La Madrid’s tastes for an extravagant lifestyle.

Read the original article in Courthouse News.


© 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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