Man Arrested for Scam Involving REO Properties

Allison Tussey —  September 30, 2010 — 1 Comment

Steven Gutierrez, 58, Moreno Valley, California, was arrested without incident on September 29, 2010, by investigators from the San Bernardino County District Attorney’s Real Estate Fraud Unit, outside his workplace in Chino Hills, California. Gutierrez was arrested on felony charges of selling false securities and selling securities without a license.

In 2006, Gutierrez offered the victims investment securities without being licensed to sell those securities. Victims invested their life savings totaling $285,000. The investment money was allegedly to purchase real estate owned bank properties. Victims were promised a high rate of return and their principal back in a short period of time. The victims never received any money from their investments.

Gutierrez was booked into the West Valley Detention Center in Rancho Cucamonga, California, where bail was set at $250,000.

Allison Tussey

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One response to Man Arrested for Scam Involving REO Properties

  1. It has been long over due that the individuals involved in Real Estate Fraud be held accountable for their crimes. Mortgage Audits Inc. is a company established for the benefit of lenders, servicers, attorneys and individuals in an ongoing effort to mitigate and minimize all types of mortgage / real estate fraud. Rachel is doing a great service by supplying the daily fraud news to the general public. Thanks Rachel

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