California Man Gets 15 Years In Equity Stripping, Refinance Ripoff That Screwed 31 People Out Of $2M

In San Francisco, California, KGO-TV Channel 7 reports:

• A man who posed as a minister and a real estate savior was sentenced Friday after scamming 31 different people in San Francisco. Edward Parada, 33, will serve 15 years in state prison. Authorities say Parada targeted Spanish-speaking homeowners in the city's Ingleside District.



• He would persuade the homeowner to refinance, then take the equity, let the house fall into foreclosure and then buy it back at a lower price at a foreclosure sale.



• "So it illustrates, this illustrates really how callous and how vicious this individual was in the way that he treated people and that's why we feel very strongly that the 15-year sentence is very appropriate here," said San Francisco District Attorney George Gascon. Parada stole over $2 million from his victims. He pleaded guilty to 24 felony counts.

Source: Man sentenced for scamming 31 people in SF.