Real estate agent admits running massive Ponzi scheme

By tvgnus   follow   Mon, 15 Oct 2012, 2:05pm PDT   ↑ Like   ↓ Dislike   614 views   3 comments   Watch (1)   Share   Quote

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   befriend (9)   ignore (3)   Mon, 15 Oct 2012, 2:18pm PDT   Like   Dislike     Share   Quote   Comment 1

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

curious2   befriend (4)   ignore (5)   Mon, 15 Oct 2012, 2:55pm PDT   Like   Dislike     Share   Quote   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   befriend (0)   ignore (0)   Mon, 15 Oct 2012, 9:38pm PDT   Like (1)   Dislike     Share   Quote   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."


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