I can tell by some of the players in this scam that we have many Filipinos involved.Attorney Abano is Filipino as are most of his clients,many of the nurses at Rancho Springs Medical Center are Filipino(as are many nurses in hospitals all over SoCal)
As I’ve said before, I believe the ethnic market (Filipino & Hispanic) here in SoCal will take the biggest hit as this current real estate cycle spirals down.Mortgage fraud is rampant in the South Bay, and it’s just a matter of time before we see a similar story in SD County.
Everyone involved with this fraud in Riverside County is guilty in some way or another.There are no innocent victims here.Greed and dreams of “easy money” made these “investors” an easy target for scam artists.
How soon we forget Ed Rubi..Almost all of his victims were Filipino nurses and active/retired Navy personnel.They too, had dreams of “easy money” and let their own greed destroy themselves financially in the process.
Man Who Ran Ponzi Scheme gets 70 Months in Prison
On February 13, 2006, San Diego, CA, Edmundo P. Rubi was sentenced to 70 months in prison for conspiracy to commit mail fraud and money laundering. Rubi previously pleaded guilty to the charge that the conspired to conduct a scheme to defraud investors out of more than $12 million using his companies, Knights Express, Ltd. and Djmler Enterprises, Inc. Rubi was also ordered to pay restitution in the amount of $12,483,000. According to the plea agreement, beginning in 1999 and continuing up to October 31, 2001, Rubi formed and operated Knights Express Ltd. and Djmler Enterprises, Inc. for the purpose of soliciting investments from members of the public. In connection with his guilty plea, Rubi admitted that he made false, fraudulent, and misleading representations that investor funds would be used to purchase and resell Federal Reserve notes in an international trading program. In actuality, no such international trading program existed. Rubi further admitted that he knew that the investors’ funds were not being used for the purported investment program. Millions of dollars of investor funds were used instead to pay the periodic returns that investors received and to make unsecured investments. Rubi also intentionally concealed from investors the fact that millions of dollars of investor funds were converted for his own personal use and benefit.
Repeat after me…. Get Rich Quick Schemes Don’t Work
