San Diego businessman Courtland Gettel and Tucson attorney Jeffrey Greenberg pled guilty to a massive $33 million California fraud scheme involving wire fraud and mansions in San Diego suburbs La Jolla and Del Mar.
The pair ran real estate firms Conix Inc. and Variant Commercial Real Estate, which were claimed to be used to purchase large homes to be rented out at a profit. Instead, the two moved into the homes themselves and lived there rent free while working through a serious of fraudulent loans.
Greenberg admitted to using his legal expertise to manifest and record false documents showing that prior loans had been repaid to be used as documentation while filing for new loans.
The tower came crashing down on the pair in May. At the same time, Greenberg admitted guilt in another case of real estate fraud of similar magnitude in the Tucson area. In addition to restitution, each party faces 20 years in prison and a $250,000 fine for each charge. They will be sentenced on August 8th.
Read the entire story at Courthouse News Service.
Spotting real estate scams like these is a challenge even for the most seasoned homeowners, which is why it is important to work with a reputable real estate agent and title company when involved in any real estate transaction. This California fraud story is a big warning for the rest of us.