Categorized | Investing

A Real Estate Scam of $4.3 million

A Real Estate Scam of $4.3 million
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The hottest issue of money scam which is being discussing in the world of real estate is the issue of a real estate broker of Irvine who is also a former of “Irvine Planning Commissioner” and known as an active member of church. He scammed almost 34 of his friends and relatives including his family members through the scheme of “Ponzi-style money investing scheme” which was basically started in 2007.

The local office of US Attorney has filled a document in the federal court of Santa Ana in which this fifty years old man admitted his fraud with the people who showed interest in buying and selling different mortgages and cooperated with FBI to provide the complete evidence of his scam. The signed agreement by this man shows a personality of a charming man who presents false facts to the innocent people in such a way that no body can even imagine how clever he is. He used to sell, rehab and buy those kinds of properties which he never bought.

The name of this scammer is Sparks who used to present false real estate updates to the banks and took the help of those escrows companies which have no existence. If somebody felt wrong about him and asked to refund his/her profits Sparks never spoke truth and always made excuses that why he is not able to refund their money back to them. The money which he took against investments is around $4.3 billion out of which he spent $500,000 in different categories and took the debt of $4.3 billion.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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