California Real Estate Fraud Report

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16
Jun

San Diego Agent Accused of Misleading Clients

A man working simultaneously as a real estate agent, insurance dealer, income tax preparer and credit repair specialist that caters to Latino customers has seen more than 75 of the 122 homes he has sold his customers fall into foreclosure since 2004.

 Miguel Romero is an agent of Helping Build Wealth, aka HBW, a Simi Valley firm selling a smorgasbord of financial products. It appears to be built on the networking marketing model (multi-level marketing) that combines selling products with building a “team” under the agent that contributes part of its revenues to the “upline”.

Although not accused of a crime, many of Romero’s clients say the persuasive agent pitched his entire line of insurance and other financial products at weekly seminars and workshops, advising his audience to tap the equity in their homes to purchase second properties as investments. From the numbers above, 69% of the homes he sold have either foreclosed or are in the foreclosure process, compared with 4% of subprime loans in San Diego County.

The office of the California Attorney General and the local District Attorney have not commented on any investigations into the business practices of Romero.

Read the Full Article in the North County Times by Zach Fox and Edward Sifuentes.

© 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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