California Real Estate Fraud Report

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Ponzi Scheme in Marin County May Rack Up $27M in Losses

A civil lawsuit filed in wealthy Marin County alleges that the principals of a real estate investment firm defrauded over 100 victims-plaintiffs of at least $27 million of investment monies in a Ponzi scheme that has attracted the attention of the California Department of Justice.

Investment adviser Gary Armitage, his firm AGA Financial, business associates James Koenig of Asset Real Estate Investment Co. and Jeffrey Guidi are the defendants in the lawsuit. Armitage has filed bankruptcy, claiming assets of between $1 million and $10 million while owing his creditors $50 million to $100 million.

Walnut Creek attorney Richard Miller is representing the 122 plaintiffs and is attempting to have the lawsuits against the defendants – filed in Marin, Sonoma, Alameda an Shasta counties – consolidated and tried before one judge in Marin County.

Read more in the San Jose Mercury 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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