Man accused of defrauding investors for 7 years
Personal Injury News
Article Date: 5/6/2009 | Resource: MLG
Man accused of defrauding investors for 7 years
“Joseph Anthony “Tony” Veltre, Jr., was arrested by Newport Beach and Costa Mesa police departments.”
A 67-year-old Orange resident has been arrested on suspicion of embezzlement and identity theft.
Joseph Anthony “Tony” Veltre, Jr. was arrested by detectives from the Newport Beach and Costa Mesa police departments and held on $2 million bail.
Police suspect that Veltre defrauded investors for seven years in a Ponzi scheme that involved fraudulent “second” trust deeds.
After investors put in their money, Veltre would record fraudulent loans against their property and pay them returns with the proceeds, police said. Veltre is also suspected of other financial crimes.
He did business under several names, including Allied Corporate Investments and Sea View Financial Center, with addresses in Tustin and Orange, police said.
Police are asking anyone who may have been a victim of one of the schemes to call Det. Steve Rasmussen of the Newport Beach Police Department at 949-644-3763.
For more information regarding this article please contact:
Jeffrey Marquart
(949)589-0150
jmarquart@marquartlawgroup.com