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Woman arrested in alleged real estate scam

Posted: July 12, 2012 2:45 p.m.
Updated: July 12, 2012 2:45 p.m.
 

 

A San Fernando Valley real estate agent and self-proclaimed real estate investor has been arrested for allegedly cheating dozens of investors, including two firms in the Santa Clarita Valley.

Celia Gallardo, 42, of North Hills was arrested Wednesday by FBI special agents on 16 indictments of federal wire fraud and mail fraud.

Gallardo allegedly told investors she would purchase condominiums outside California that produce high returns in short periods of time, according to the indictment.

She then spent the money on her home and international travel, withdrawing cash to pay off past investors, according the allegations in the indictment. Victims lost more than $1 million in the scheme.

If convicted of all 16 counts, she could face the maximum sentence of 320 years in federal prison.

 

 

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