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Real estate agent admits running massive Ponzi scheme

By tvgnus   2012 Oct 15, 2:05pm   ↑ like   ↓ dislike   716 views   3 comments   watch (1)   share   quote  

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.

#housing

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1   lostand confused (18/18 = 100% civil)   2012 Oct 15, 2:18pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

2   curious2 (44/44 = 100% civil)   2012 Oct 15, 2:55pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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?

3   Oxygen   2012 Oct 15, 9:38pm  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

"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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