California Real Estate Fraud Report

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Huntington Park man convicted of scamming Latino investors

In a story reported last year in the California Real Estate Fraud Report, Milton Retana, a citizen of Salvador, was convicted in federal court on six counts of mail fraud one one additional count of making false statements to investigators. His attorney William S. Harris says he will appeal the verdict, which, if upheld, could send Mr. Retana to prison for a couple of lifetimes: 125 years.

Los Angeles U.S. Attorney spokesman Jim Bowman said that Retana operated a Ponzi scheme that targeted Spanish-speaking individuals. In Retana’s case, he was found guilty of fleecing his investor-victims out of more than $62 million. He was charged after U.S. postal inspectors found $3 million in cash while raiding the Libreria del Exito Mundo Spanish-language bookstore owned by Mrs. Retana, Lydia Campos. The bookstore is located next to Milton Retana’s real estate brokerage and mortgage firm, called Best Diamond Funding Corp. Ms. Campos has not been charged with any crimes related to her husband’s case.

Read the Full Article in the Los Angeles Times.

© 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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