A 67-year-old Orange County resident has been arrested on suspicion of embezzlement and identity theft, according to a news report in the Orange County Register. Joseph Anthony Veltre Jr., 67, was arrested by both Costa Mesa and Newport Beach police detectives who say Veltre defrauded investors for seven years in a Ponzi scheme that involved fraudulent “second” trust deeds.
According to the article, after investors put in their money, Veltre would record fraudulent loans against their property and pay them returns with the proceeds. Police also say they suspect Veltre of other financial crimes. Apparently, he did business under several names including Allied Corporate Investments and Sea View Financial Centers with addresses in Tustin and Orange.
Fraud offenses in California such as this are considered “federal offenses.” The consequences, if convicted, can be extremely serious. Each count could carry lengthy prison terms and hefty financial penalties. Besides, your reputation as a business person in your community could take a serious hit even with the accusation of fraud. You don’t even have to be convicted of fraud to be ostracized from your business circles and community.
Please do not let this happen to you. Do not let the allegation of fraud ruin your life, your business prospects, your career and future. If you or a loved one has been accused of fraud, money laundering or other federal crimes in Orange, Los Angeles or Ventura counties, please contact the experienced California criminal defense lawyers at Sitkoff & Hanrahan by calling 866-299-4111 for a free consultation.