Wednesday, September 2, 2009

California Real Estate Agent Cops Plea To Investment Scam That Pulled In $1.25M+; Victims Include Senior Who Invested Bulk Of Life Savings

From the Office of the Ventura County, California District Attorney:

  • District Attorney Gregory D. Totten announced [...] that Veronica Sanchez Gallegos, a licensed real estate agent residing in Ventura, pled guilty on August 6, 2009, to one felony count of theft from an elder, five felony counts of grand theft, and admitted a special allegation of taking more than $500,000. In an investigation conducted by the District Attorney's Office Bureau of Investigation, it was determined that Gallegos conducted a fraudulent investment scheme where six victims entrusted her with a total $1,289,000. Victims invested money with Gallegos after relying on false assurances made by Gallegos that their investments were being pooled into short term construction, real estate, and similar “secured” loans [...] and were protected by an escrow fund in the event of default.


  • One 65 year-old victim invested the bulk of his life savings for a total of $284,000 and suffered a net loss of $244,000. Other investors invested amounts ranging from $40,000 to $622,000.

Go here for the Ventura County DA press release.

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