California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud. *** AS OF NOVEMBER 2017, THE CALIFORNIA REAL ESTATE FRAUD REPORT IS 10 YEARS OLD! ***


Hemet Man Goes to State Prison for Novel Ponzi Scheme

A 56-year old Hemet man who concocted a novel and elaborate Ponzi scheme that defrauded his investors of more than $12 million has been sentenced to 15 years in state prison and order to pay full restitution to his victims.

Ralph John Solis pleaded guilty to four counts of grand theft and operating a business for the purpose of committing securities fraud. The 15 years includes a sentencing enhancement for committing an aggravated white-collar crime.

Solis’ scheme was to find mortgages held either by private parties, e.g., relatives, or non-mainstream lenders, getting copies of the deeds of trust and adding his name as the beneficiary (title fraud). The phony deeds of trust were then sold to unsuspecting buyers and included first, as well as junior, liens.

The victims resided in all Southern California counties in addition to Texas and Arkansas. In keeping with the Ponzi scheme mentality, Ralph Solis spent the money on himself.

Read the original article in the Los Angeles Times.

© Copyright 2007-2018 Monique Bryher

Legal Disclaimer.

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.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.


Copy Protected by Chetan's WP-Copyprotect.