Real Estate News Blog July Archive

Ex-athlete gets 5-year sentence in Ponzi scheme

By Art C. Ryder at 07/12/07 00:56

Presents the case against Favata,an ex-athlete turned mortgage broker, who embezzled over $30M from investors in a Ponzi scheme linked to real estate. Favata took on new investors offering 30-60% return on investment to pay off older investors, all the while using the funds to finance his lavish lifestyle and pay the bills of his legitimate mortgage business. Scams and scammers are at every turn in this real estate market with many people facing foreclosure.

Original source: . Ex-athlete gets 5-year sentence in Ponzi scheme