Man Arrested In $62 Million Ponzi Scheme
Man Arrested In $62 Million Ponzi Scheme
According to the indictment, Retana told investors that he was running a successful California real estate investment fund and mortgage brokerage, and could help investors realize returns in excess of 80%. He used weekly seminars and Spanish-language advertising to attract new investors. Many of Retana's targets were Spanish-speaking and mortgaged the equity in their homes to fund their investments.
Retana's Best Diamond Funding did make a few real estate investments, but most of the money was used to pay off earlier investors or went directly to Retana. In October, the FBI and the Postal Inspection Service seized $4 million in cash from the company's offices, as well as investor files and additional cash in a religious bookstore owned by Lydia Campos, Retana's wife. The store was located next door to Best Diamond Funding's offices.. The US Attorney's office estimates that the combined loss by all of Retana's victims exceeds $62 million.
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