If it sounds too good to be true…. Celia Gallardo, a San Fernando Valley real estate agent admitted October 15th to the FBI to running a multimillion-dollar Ponzi scheme by defrauding investors in the hopes of high returns in her real estate program.
Gallardo “lost” at least $2,200,000 that she received in funds from dozens of investors between 2007 and 2008 for her scam real estate program. Investors were told that condominiums would be purchased and that they would make 100 percent returns in only 30 days. Instead of investing the money promised, she invested in her own mortgage, world travel, cash withdrawals, and some payments needed to pay off early Ponzi scheme investors to keep he act going.
She is expected to pay back full restitution to the victims of the scheme and could face up to 20 years in federal prison.
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