California Real Estate Fraud Report

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Gary Armitage Faces Angry Victims as Court Sentences Him for $200 Million Ponzi Scheme

Gary Armitage, a man who was accused of cheating North Coast residents out of up to $200 million in a huge real estate Ponzi scheme, is going to prison for 10 years, thanks to the Shasta County Superior Court judge who sentenced him.

Armitage, 62, faced a barrage of angry investors, many of whom were retirees who gave him their life’s savings. Up to 2,000 people were defrauded.

“All of your words and promises turned out to be lies,” said Ron Johnson, of Auburn, a retired insurance company employee. “Not only did you steal the money we worked for our entire lives to save, you destroyed our ability to trust in others and ourselves.”

Gary Armitage, who pleaded no contest in January 2013 to four felony counts of conspiracy and securities fraud, had two accomplices. James Koenig, of Redding, has pleaded not guilty and Jeffrey Guidi, of Santa Rosa, has pleaded guilty to lesser charges.

Read the original article in the Auburn 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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