California Real Estate Fraud Report

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Sacramento Father-Son Arraigned for Real Estate Investment Fraud

According to a press release by the Office of the California Attorney General, two Sacramento men have been arraigned for allegedly operating a $3.2 million real estate investment fraud that purported to buy and flip foreclosed homes.

California Attorney General Kamala D. Harris announced that Taze Claiborne Ellis (“TC” Ellis), 45, and his son, Taze Jordan Ellis (“TJ” Ellis), 23 were arraigned August 16; both have been charged with dozens of felony counts of grand theft and securities fraud. If the Attorney General’s charges are found to be true, the Ellis’ operated an outlandish fraud in which they solicited monies from the investors, promised them returns of 60% over five years, but brazenly used most of the funds for their personal expenses and fancies. In short, this could turn out to be nothing more than a Ponzi scheme. The businesses through which they received the investment funds were called Blacksand, Inc. and FXKB, Inc. and neither were registered to sell securities in California.

Further, Taze Claiborne Ellis neglected to disclose to his investors that he had been sentenced to four years in prison in 2002 for grand theft and tax fraud.

This case was investigated by the Attorney General’s eCrime Unit and will be prosecuted by the Attorney General’s Special Crimes Unit.


© 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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