Hemet Man Sentenced to 15 Years, Must Repay $12.6 Million
A Hemet man was sentenced today to 15 years in prison and ordered to pay more than $12.6 million in restitution to victims for a real estate...
http://www.menifee247.com/2013/08/hemet-man-sentenced-to-15-years-must-repay-12.6-million.html
A Hemet man was sentenced today to 15 years in prison and ordered to pay more than $12.6 million in restitution to victims for a real estate Ponzi scheme he operated.
Ralph John Solis, 56, previously pleaded guilty to four counts of grand theft, operating business for the purpose of committing securities fraud and a sentencing enhancement of aggravated white collar crime.
Solis operated a real estate Ponzi scheme from 2007 to 2009, selling forged first and second trust deeds to unknowing investors. He raised more than $12 million for more than 50 victims while promising them great profits. The fake deeds were then bundled and sold directly or through unwitting third parties.
According to the Riverside County District Attorney's Office, victims were from Riverside, San Bernardino, Orange, San Diego and Los Angeles counties, and some from as far away as Texas and Arkansas.
Ralph John Solis, 56, previously pleaded guilty to four counts of grand theft, operating business for the purpose of committing securities fraud and a sentencing enhancement of aggravated white collar crime.
Solis operated a real estate Ponzi scheme from 2007 to 2009, selling forged first and second trust deeds to unknowing investors. He raised more than $12 million for more than 50 victims while promising them great profits. The fake deeds were then bundled and sold directly or through unwitting third parties.
According to the Riverside County District Attorney's Office, victims were from Riverside, San Bernardino, Orange, San Diego and Los Angeles counties, and some from as far away as Texas and Arkansas.
