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Real estate agent admits running massive Ponzi scheme


By tvgnus   Follow   Mon, 15 Oct 2012, 2:05pm PDT   473 views   3 comments
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http://www.centralvalleybusinesstimes.com/stories/001/?ID=22094

Cops a plea to wire fraud •  Bilked investors looking for big returns A San Fernando Valley real estate agent and self-described real estate investor has agreed to plead guilty to running a multi-million-dollar Ponzi scheme out of companies based in the Santa Clarita Valley, according to the FBI.

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lostand confused   Mon, 15 Oct 2012, 2:18pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 1

I wonder how many will come out of the Phoenix area.

curious2   Mon, 15 Oct 2012, 2:55pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 2

Isn't this the same as what Bubbles Ben is doing with "Operation Twist" and the Fed printing press? Inducing people to overpay for houses, which will then be magically recouped by more people overpaying even more for those same houses, while actually he gives the $ to the crony capitalists and lemon socialists at the biggest banks?

Oxygen   Mon, 15 Oct 2012, 9:38pm PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 3

"The plea agreement details how one investor lost $500,000 after Gallardo pressured him to invest quickly with claims that her investment program consisted of buying unfinished condominiums for pennies on the dollar in Florida and Tennessee. This victim borrowed money against his home in order to invest with Ms. Gallardo."

lol

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