California Real Estate Fraud Report

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San Fernando Valley Woman Sentenced to Prison for Ponzi Scheme

Celia Gallardo, 42, of the San Fernando Valley community of North Hills, pleaded guilty in October 2012 to wire fraud in a Ponzi scheme that cost investors over $2 million. She had promised the investors high rates of returns for her real estate program between September 2007 and September 2008 but repaid the earlier investors with the monies she received from the newer ones.

Gallardo was sentenced last week to five years in federal prison by United States District Court Judge Dean D. Pregerson and ordered by him to provide $2.39 million in restitution. She admitted to the judge that she used the victims’ money for house payments, foreign travel and cash withdrawals.

Gallardo’s businesses were Gold Feather Realty and Gold Credit Investments, both of which operated out of the Santa Clarity Valley. She had secondary businesses north in the Antelope Valley, including Gallardo Property Management and Casa Bella Mortgage. As of this writing, the Bureau of Real Estate (formerly the California Department of Real Estate), shows that her real estate license is still active.

Celia Gallardo was prosecuted by Assistant U.S. Attorney Sarah J. Heidel. The case was investigated by the FBI.

Read the original article in the San Fernando Valley Business Journal. There are also several previous postings about the Celia Gallardo case in the California Real Estate Fraud Report.

© 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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