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.