California Real Estate Fraud Report

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Latinos Charged in Ripping Off Latinos in Real Estate Fraud Ponzi Scheme

Two  men have been charged with running a$1.3 million real estate fraud Ponzi scheme that targeted Latino investors, in what appears to be a case of affiinity fraud (ethnic fraud), since the defendants are also Latinos. 

California Attorney General Kamala Harris announce that Edwin Salazar, 34, of Downey and 41-year-old Michael Zuniga of Fullerton have been charged with multiple counts of grand theft, elder financial abuse, burglary and conspiracy and that 18 victims have been identified. The two who apparently were insurance agents, convinced their victims to refinance their homes in order to participate in “risk-free” (that’s a hint) investments with guaranteed returns of 15% with their firm Omega Investment Group. The so-called investment was nothing more than a Ponzi scheme, with the defendants helping themselves to $700,000 for their own use.

Read the original article in the Diamond Bar Patch.

© 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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