California Real Estate Fraud Report

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Roseville Ponzi Scheme Relied on Escrow Fraud

A Roseville man who has been sentenced to prison admitted in his plea agreement that his real estate fraud was little more than a Ponzi scheme which required the services of an escrow company to distribute the ill-gotten gains (escrow fraud).

Royce Lee Newcomb, 49, will have to serve five years and 10 months in prison for soliciting several dozen investors to give him almost $3,000,000 which he told them he was using to invest in foreclosed properties. Instead, he instructed Barry Winnett of Contour Escrow Services to disburse those monies to himself, Winnett and earlier investors. Winnett does not have a license to carry out escrow services.

Barry Winnett pleaded guilty to wire fraud in January but is still awaiting sentencing.

Read more about Royce Newcomb in the Roseville Press Tribune.

© 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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