Downey Man Charged with Running $11 Million Ponzi Scheme, as Well as Related $10 Million Mortgage Fraud Scheme That Took Advantage of Distressed Homeowners

LOS ANGELES, CA – October 1, 2010 – (RealEstateRama) — A federal grand jury has indicted a Downey man on a series of fraud charges for allegedly running two related fraud schemes—a Ponzi scheme that took more than $11 million from more than 300 victims, and a mortgage fraud scheme that preyed on homeowners by stealing the equity from their homes and secretly taking title to their properties.