California Real Estate Fraud Report

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29
Feb

Vesta Strategies Owner Pleads Guilty to $25 Million Ponzi Scheme

John Terzakis, formerly the majority owner of Vesta Strategies LLC in San Jose, has pleaded guilty to wire fraud, conspiracy to commit wire fraud and money laundering in connection with a $25 million Ponzi scheme that he orchestrated.

Vesta was a qualified intermediary that, if legitimate, would have helped investors avoid paying taxes on capital gains by holding the proceeds from their real estate sales for up to 180 days.

According to Melinda Haag, U.S. attorney for the Northern District of California, the investors’ money could not be returned because Terzakis, former Vesta CEO Robert Estupinian and former executive Peter Ye misappropriated the funds for their own use. Esupinian and Ye have already pleaded guilty and like Terzakis, will be sentenced by U.S. District Judge D. Lowell Jensen

Read the original article in the Silicon Valley Business Journal.

© 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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