Most Recent
AdSurfDaily Agape agent American Integrity Aronson asset sales Attorney av bar reg baker bank bank of america Bankruptcy baumann bermudez black diamond blackwell bridge loan bull cattle CD celebrity cftc charity china China Voice church cityfund claims claims process clawback commission commodities commodity pool computer program congress Crown Forex currency death sentence denver diamond bar disgorgement Distribution Dodd-Frank donnan Dreier dunhill e-bullion elderly E-M Management SEC england Fairfield family FBI FDIC Fees female ponzi scheme financial advisor fine FINRA football forex fraud fufta fugitive Full Tilt gift card guilty plea GunnAllen hawaii Heckscher HSBC india invers forex janvey John Morgan JP Morgan kansas ken bell kenzie las vegas lawsuit lawyer libya Lifland machado Madoff Marian Morgan metro dream homes mets milberg millers a game Morgan European Holdings mortgage multiple schemes NCAA Net Winner new jersey notes objection Oxford Patrick Kiley paul burks PermaPave Pettengill Petters Picard poker Ponzi ponzi scheme ponzi scheme database ponzi scheme list Prime Rate profitable sunrise prosun pta puerto rico Rakoff real estate receiver receivership regulation relief defendants religion remission repeat offender restitution Rothstein RRA sec sentencing simmons sipa sipc snelling standing stanford stettin subpoena td bank telexfree treasury bonds treasury strip Tremont Trevor Cook UBS UFTA uga utah venture advisors Wachovia wilpon wire fraud woman zeek zeek rewards zeekler zeekrewards
Recent SEC Releases
« Two Texas Men Indicted for Role in $485 Million Oil and Gas Ponzi Scheme | Main | California Man Gets 14 Years for $16 Million Ponzi Scheme »

California Woman Accused of $1 Million Ponzi Scheme

A San Fernando Valley woman was arrested on Wednesday and accused of operating a real estate Ponzi scheme that bilked investors out of over $1 million.  Celia Gallardo, 42, was arrested by FBI agents following her indictment on Tuesday on an assortment of federal charges including seven counts of mail fraud and nine counts of wire fraud.  Both mail fraud and wire fraud carry maximum terms of imprisonment of twenty years per charge along with criminal monetary fines up to $250,000.  At her arraignment Wednesday, she entered a plea of not guilty.

According to the indictment, Gallardo operated a real estate investment program from September 2007 to September 2008.  Potential investors were told that Gallardo would purchase condominiums located in other states that would yield extraordinary short-term returns of as much as 100% in thirty days.  Investors were issued promissory notes evidencing their investment and promised returns.  However, according to the FBI, Gallardo instead used investor funds to support a lavish lifestyle that included a house and travel abroad, as well as payments made to existing investors purporting to be interest and/or principal redemptions.  In total, dozens of investors entrusted more than $1 million to Gallardo. 

At her arraignment, Gallardo was released on $75,000 bond.  United States District Judge Dean D. Pregerson has scheduled a tentative trial date for September 4.

PrintView Printer Friendly Version

EmailEmail Article to Friend

References (4)

References allow you to track sources for this article, as well as articles that were written in response to this article.
  • Response
    Response: here
    Ponzitracker - Ponzitracker - California Woman Accused of $1 Million Ponzi Scheme
  • Response
    Response: Check This Out
    I need to start a website what needs to be dynamic in regards to content and ability to run auctions and connect to payments functionalities. Can anyone advised of a suitable application / ISP/Hosting/ practical guides to allow me to under take this progress.. . Regards. . Khalidnz.
  • Response
    Response: Roman Polanski
    California Woman Accused of $1 Million Ponzi Scheme - Ponzitracker - Ponzitracker
  • Response
    Response: nanoo
    California Woman Accused of $1 Million Ponzi Scheme - Ponzitracker - Ponzitracker

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>