Review: Best Diamond Funding Co
afectado

Los Angeles, CA

#233 Dec 18, 2008
LOS ANGELES, Dec. 17 (UPI)-- Prosecutors in Los Angeles announced the arrest of a real estate broker in an alleged Ponzi scheme that cost investors more than $62 million.
SAVE MONEY ON TRAVEL DEALS

Milton Retana. 43, Norwalk, was ordered to appear before a federal magistrate Wednesday after being picked up on eight counts of fraud and a charge of making false statements to federal agents.

The U.S. Attorney's office in Los Angeles said in a written statement Retana, a native of El Salvador, lured more than 2,000 investors into his scheme by telling them he was running a prosperous investment fund in the then-booming Southern California real estate market. He used seminars and advertising in Spanish-language news media to attract new investors.

In reality, prosecutors alleged, Best Diamond Funding made only a handful of actual deals between 2006 and last October while the rest of the investments went into Retana's pocket.

Investigators said the alleged scam was disrupted in October when the FBI and Postal Inspection Service seized $4 million in cash from Best Diamond Funding's offices and a religious bookstore owned by Retana's wife.
afectado

Los Angeles, CA

#234 Dec 18, 2008
A Huntington Park businessman allegedly preyed on thousands of mostly Hispanic investors in a Ponzi scheme that promised 84 percent annual returns on real estate. Federal prosecutors say Milton Retana, a Salvadoran who owns Best Diamond Funding, got $62 million from investors.- California
afectado

Los Angeles, CA

#235 Dec 18, 2008
Businessman indicted in $62M Ponzi scheme
The Associated Press
7:44 a.m. December 17, 2008

LOS ANGELES — A Huntington Park businessman allegedly preyed on thousands of mostly Hispanic investors in a Ponzi scheme that promised 84 percent annual returns on real estate.

Federal prosecutors say Milton Retana, a Salvadoran who owns Best Diamond Funding, got $62 million from investors.

The 43-year-old Retana was arrested Tuesday after he was indicted for fraud and making false statements.

Retana allegedly told his mortgage clients that he could help them invest their money in real estate, then he started advertising in Spanish-language magazines and on the Internet and held weekly investment seminars.

The indictment says Best Diamond bought little real estate and instead used the investments from later investors to pay "profits" to earlier investors.

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afectado

Los Angeles, CA

#236 Dec 18, 2008
62 Million SoCal Ponzi Scheme Alleged
LOS ANGELES (CN)- The owner of Best Diamond Funding, a mortgage broker, ran the place as a Ponzi scheme that took $62 million from more than 2,000 victims, federal prosecutors say. Milton Retana, 43, of Norwalk, advertised in Spanish-language magazines, on the Internet and at weekly "investment seminars."
Retana faces nine counts of fraud. Federal agents busted up the scheme in October in a raid on Best Diamond's office in Huntington Park, the U.S. Attorney's Office said. They also raided the next-door religious bookstore, "Libreria del Exito Mundo" (The Bookstore of World Success), which was owned by Retana's wife.
Agents seized nearly $4 million in cash during the raid, prosecutors said. The FBI also froze $8 million in Best Diamond's and Retana's bank accounts.
If convicted of all counts, Retana, a native of El Salvador, faces up to 165 years in prison.
afectado

Los Angeles, CA

#237 Dec 18, 2008
LOS ANGELES, Dec. 17 (UPI)-- Prosecutors in Los Angeles announced the arrest of a real estate broker in an alleged Ponzi scheme that cost investors more than $62 million.

Milton Retana. 43, Norwalk, was ordered to appear before a federal magistrate Wednesday after being picked up on eight counts of fraud and a charge of making false statements to federal agents.

The U.S. Attorney's office in Los Angeles said in a written statement Retana, a native of El Salvador, lured more than 2,000 investors into his scheme by telling them he was running a prosperous investment fund in the then-booming Southern California real estate market. He used seminars and advertising in Spanish-language news media to attract new investors.

In reality, prosecutors alleged, Best Diamond Funding made only a handful of actual deals between 2006 and last October while the rest of the investments went into Retana's pocket.

Investigators said the alleged scam was disrupted in October when the FBI and Postal Inspection Service seized $4 million in cash from Best Diamond Funding's offices and a religious bookstore owned by Retana's wife.
Agapito

Northridge, CA

#238 Dec 18, 2008
Solo los que no son socios de BDF. pueden hablar cosas negativas, porque los socios estamos todos a favor de Milton Retana.
afectado

Los Angeles, CA

#239 Dec 18, 2008
Man Arrested In $62 Million Ponzi Scheme
Posted on: December 18th, 2008 by Eileen Peck

Man Arrested In $62 Million Ponzi Scheme
The US Attorney’s Office in Los Angeles announced the arrest of Milton Retana, 43, of Norwalk on eight counts of fraud and one count of making a false statement to a federal agent. Retana is accused of defrauding more than 2.000 investors in what is being described as a real estate Ponzi scheme. If convicted, he faces more than 165 years in federal prison.

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.

When you face federal charges, the stakes are high. Your defense must be solid and you need the help of an experienced criminal defense attorney like Robert Michael Helfend. Robert Helfend practices criminal defense exclusively in Los Angeles, Orange, Riverside, San Bernardino and Ventura counties. He also practices criminal defense in any federal circuit in the United States.

Mr. Helfend offers his substantial experience in criminal defense in both state and federal matters, and can put together the legal and specialized expertise you need to defend yourself against even the most serious allegations. When you need criminal defense assistance, go with experience. Contact Robert Helfend today.

Photo Credit: Stephen Hyun
afectado

Los Angeles, CA

#240 Dec 18, 2008
A Huntington Park businessman allegedly preyed on thousands of mostly Hispanic investors in a Ponzi scheme that promised 84 percent annual returns on real estate.

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Federal prosecutors say Milton Retana, a Salvadoran who owns Best Diamond Funding, got $62 million from investors.

The 43-year-old Retana was arrested Tuesday after he was indicted for fraud and making false statements.

Retana allegedly told his mortgage clients that he could help them invest their money in real estate, then he started advertising in Spanish-language magazines and on the Internet and held weekly investment seminars.

The indictment says Best Diamond bought little real estate and instead used the investments from later investors to pay "profits" to earlier investors.

___
afectado

Los Angeles, CA

#241 Dec 18, 2008
California Man Charged with Massive Investment Fraud Scheme
Milton Retana, 43, Norwalk, California was indicted on December 12, 2008, on seven counts of mail fraud, one count of wire fraud, and one count of making a false statement to federal law enforcement agents. Retana owned and operated Best Diamond Funding, a real estate brokerage and mortgage lending company, was arrested on federal charges for allegedly running an investment fraud scheme that lured more than 2,000 victims into investing more than $62 million. Retana made his initial appearance in United States District Court in Los Angeles.

According to the indictment, Retana began soliciting investors in late 2006 to invest with Best Diamond Funding by telling them that their money would be used to buy and sell real estate. Best Diamond Funding advertised in Spanish-language magazines, on the Internet, and held weekly investment seminars at several locations in Los Angeles.

The indictment alleges that in these advertisements, at investment seminars, and in personal meetings with potential investors, Retana, and others at Best Diamond Funding, told potential investors that the company’s success in buying, renovating, and selling properties allowed it to pay investors returns as high as seven percent of their invested principal each month, for a total guaranteed return of 84 percent each year. Potential investors were also encouraged to use the equity from their homes to fund their investment with the company. The indictment also alleges that investors were told that Best Diamond Funding employed as many as 60 real estate agents and often purchased as many as 50 to 60 properties at one time.

The indictment alleges that, in reality, Best Diamond Funding used only a fraction of the money that it received from investors to purchase and sell real estate. The indictment also alleges that most, if not all, of the monthly “profit” payments to investors did not come from real estate activity, but instead was siphoned from money invested by other investor victims, and in some cases, from the investor victims’ own principal. Finally, Best Diamond Funding is alleged to have employed fewer than five licensed real estate brokers and purchased fewer than 50 properties from late 2006 through October 2008.

The scheme was disrupted in October when inspectors from the United States Postal Inspection Service and agents from the Federal Bureau of Investigation executed a federal search warrant at the business offices of Best Diamond Funding Corporation in Huntington Park, as well as the religious bookstore Libreria del Exito Mundo, which was located in the adjacent building and was owned by Retana’s wife. During the search, agents seized nearly $4 million in cash. The FBI also froze approximately $8 million in funds from Best Diamond Funding and Retana’s bank accounts.

”Thousands of victims were lured by what appeared to be legitimate investments in the real estate market,” said Salvador Hernandez, Assistant Director in Charge of the FBI in Los Angeles.”The FBI is increasingly concerned with alleged scam artists who prey on individuals affiliated with certain religious or community groups and exploit their trust.” The FBI and its partners, while committed to investigating fraud, encourage citizens to be cautious before investing their hard-earned money.”

“The devastation to one’s emotional well-being is immeasurable, when the trust they have placed in another is violated. The Postal Inspection Service is committed to these investigations to ensure public trust in the mail,” said B. Bernard Ferguson, Inspector in Charge of the Los Angeles Division of the United States Postal Inspection Service. Rentana faces a statutory maximum penalty of 165 years in federal prison.

mortgage fraud
mariposa

United States

#242 Dec 18, 2008
de donde sacan 4 millones. fue 3 millones en sobres, y fue del bookstore de lydia campos la esposa de milton. de inversiones son 62 millones de dolares de los inversionistas. on the LA Times says:
When federal postal inspectors raided a Spanish-language religious bookstore in Huntington Park, they said they found something UNUSUAL: envelopes filled with $3 million in cash.
The discovery helped federal prosecutors build a case against Norwalk businessman Milton Retana, a Salvadoran Citizen. He was arrested Tuesday after being indicted on charges of fraud and making false statements as part of a scheme that, beginning in 2006, allegedly lured more than 2,000 people into investing an estimated $62 million.
Retana, 43, is in federal custody, and his attorney declined to comment.
Retana owned Best Diamond Funding Corp., a real estate brokerage and mortgage lending company in Huntington Park, In 2006 he started telling his mortgage clients that he could help them invest their money in real estate, according to the indictment.
He started advertising in Spanish-language magazines and on the Internet and held weekly investment seminars, promising returns of 84% a year. The indictment contended that best Diamond bought very little real estate and instead used the investments from later investors to pay "profits" to earlier investors. a classic Ponzi scheme.
"this is a very large and very serious case in particular for the investors,"assistant U. S. atty James Bowman said. "He encouraged these people to invest the equity in their homes, and a lot of people invested money they couldn't afford to lose, particularly in hard economic times."
The California Department of Real Estate is investigating whether Retana did work beyond his company's real estate license. bowman said.
When the department searched Retana's office in August they did not find files linked to investors, but postal inspectors in October found investor files and cash in a bookstore, libreria del Exito Mundo, which is next door to Best Diamond.
Retana's wife, lydia campos, runs the bookstore, bowman said.
"It appears that they targeted the Latino community,"he said "And based on the victim interviews we have done, the investors had no idea how the money was being used They were asked to bring their friends, neighbors, people they knew from church, into the investments, and many of them did"
Retana faces a maximum of 165 yrs in federal prison if convicted on all the charges.
The U. S Postal Inspection Service is asking for investors who think they may have been defrauded to call(800)681-5040.
my opinion he is innocent. they said that a victim, meaning 1 person is saying that they did not know how the money was managed, that's not true because they do explained to you everything, if you did not pay attention or did not understand thats your problem.
on sunday they will have a meeting at 2. Ben will be explaining everything to the investors who goes.
afectado

Los Angeles, CA

#243 Dec 18, 2008
Southland Businessman Arrested in $62M Ponzi Scheme
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December 17, 2008

LOS ANGELES -- Federal Prosecutors say a Huntington Park businessman preyed on thousands of mostly Hispanic investors in a fraudulent investment scheme.

Milton Retana, a Salvadoran who owns Best Diamond Funding, is accused of running a Ponzi scheme that promised 84 percent annual returns on real estate.

Investigators say the 43-year-old Retana got $62 million from investors. He was arrested Tuesday after he was indicted for fraud and making false statements.

Retana allegedly told his mortgage clients that he could help them invest their money in real estate, then he began advertising in Spanish-language magazines and on the Internet and held weekly investment seminars.

The indictment says Best Diamond bought little real estate and instead used the investments from later investors to pay "profits" to earlier investors
afectado

Los Angeles, CA

#244 Dec 18, 2008
Important note: This list is based on the data made publicly available by the Federal Election Commission. City-Data.com has made no additional attempt to verify the accuracy or validity of the names on this list and it cannot individually remove or update any of the information. Please direct any inquiries or corrections to the FEC. City-Data.com will periodically update this list based on the data made available by the FEC. Note that it is possible for multiple persons to share the same name. Unintentional errors are possible. Do not use for any purpose before consulting official data provided by the FEC.
THESE INDIVIDUAL NAMES ARE NOT TO BE USED FOR ANY COMMERCIAL PURPOSES OR TO SOLICIT CONTRIBUTIONS BY LAW.
Back to HUNTINGTON PARK, CA Contributions
2007 / 2008 Contributions:
BENJAMIN CASTILLO (PAINTERS &ALLIED TRADES DISTRICT CO),(Zip code: 90255)$250 to INTERNATIONAL UNION OF PAINTERS AND ALLIED TRADES POLITICAL ACTION TOGETHER POLITICAL COMM on 02/19/08
Mr. OCTAVIO W ARANA,(Zip code: 90255)$270 to NATIONAL REPUBLICAN SENATORIAL COMMITTEE on 01/16/08
Mr. Milton Retana (Best Diamond Realty Corp.),(Zip code: 90255)$500 to NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE on 03/20/08
Jorge A. Dr. Sr. Ponce-Rodriguez (Southland Employment Services/Presi),(Zip code: 90255)$300 to NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE on 08/10/07
EDWARD LASSEVILLE (AGENCIA ECONOMICA/MANAGER),(Zip code: 90255)$2300 to REED COMMITTEE on 02/28/07
Edward Lasseville (Agencia Privada de Inmigracion/Mana),(Zip code: 90255)$2300 to LINCOLN DIAZ-BALART FOR CONGRESS on 03/31/08
Edward Lasseville (Agencia Economica/Manager),(Zip code: 90255)$5000 to DEMOCRACY BELIEVERS POLITICAL ACTION COMMITTEE (DB PAC) on 08/21/07
Frank J Perez (Movers and Perez/Attorney),(Zip code: 90255)$1000 to JOHN EDWARDS FOR PRESIDENT on 06/28/07
LETTY MARQUEZ (EDWARD THOMAS COMPANIES/STAFF ACCOU),(Zip code: 90255)$2300 to RICHARDSON FOR PRESIDENT INC. on 12/27/07
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2005 / 2006 Contributions:
Dr. Octavio W Arana (Self-Employed/Dentist),(Zip code: 90255)$250 to REPUBLICAN NATIONAL COMMITTEE on 09/29/06
Dr. Octavio W Arana (Self-Employed/Dentist),(Zip code: 90255)$250 to REPUBLICAN NATIONAL COMMITTEE on 01/27/06
Dr. Octavio W Arana (Self-Employed/Dentist),(Zip code: 90255)$250 to REPUBLICAN NATIONAL COMMITTEE on 03/14/05
Dr. Octavio W Arana (Self-Employed/Dentist),(Zip code: 90255)$750 to REPUBLICAN NATIONAL COMMITTEE on 08/24/05
JOSE R JR ZEPEDA (EL AVISO/OWNER),(Zip code: 90255)$250 to DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE on 04/28/06
Jorge Dr. Sr. Ponce-Rodriguez (Southland Employment Services/Presi),(Zip code: 90255)$300 to NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE on 09/25/06
Dr. Jorge A Rodriguez (Southland Employment Services/Presi),(Zip code: 90255)$1250 to NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE on 02/28/05
Dr./Technician),(Zip
afectado

Los Angeles, CA

#245 Dec 18, 2008
Mr. Edward Lasseville (Agencia Privada Immigracion/Manager),(Zip code: 90255)$2100 to ROS-LEHTINEN FOR CONGRESS on 03/27/06

George W Cole (Old Timers Foundation/CEO),(Zip code: 90255)$340 to LOS ANGELES COUNTY DEMOCRATIC CENTRAL COMMITTEE on 06/25/06

Ramza N Coury Hanna (Washington Mutual Bank/Bank Teller),(Zip code: 90255)$470 to MCCOTTER CONGRESSIONAL COMMITTEE on 05/14/05

Mr. Edward Lasseville (Agencia Privada de Immigracion/Mana),(Zip code: 90255)$2000 to KENDRICK MEEK CAMPAIGN FOR CONGRESS on 06/30/05

Mr. Edward Lasseville (Agencia Privada de Inmigracion/Mana),(Zip code: 90255)$1000 to US-CUBA DEMOCRACY POLITICAL ACTION COMMITTEE on 12/23/05

EDWARD LASSEVILLE
afectado

Los Angeles, CA

#246 Dec 18, 2008
Edward Lasseville (Agencia Privia de Immigration Inc./),(Zip code: 90255)$1000 to FRIENDS OF JUAN VARGAS on 05/13/06

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2001 / 2002 Contributions:

JAMES ROSENKRANZ,(Zip code: 90255)$300 to NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE CONTRIBUTIONS on 02/21/01

RICHARD AGUILAR,(Zip code: 90255)$250 to NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE CONTRIBUTIONS on 05/09/02

LYND WAITS,(Zip code: 90255)$250 to NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE CONTRIBUTIONS on 07/29/02

EDGAR MARTINEZ,(Zip code: 90255)$500 to NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE CONTRIBUTIONS on 12/27/02

Mr. Wladyslaw Beresewiez (Retired),(Zip code: 90255)$300 to REPUBLICAN NATIONAL COMMITTEE on 12/11/01

Diaz Gary,(Zip code: 90255)$1000 to SENSENBRENNER COMMITTEE on 03/29/02

Lasseville Edward,(Zip code: 90255)$1000 to SENSENBRENNER COMMITTEE on 03/29/02

Diaz Gary,(Zip code: 90255)$1000 to SENSENBRENNER COMMITTEE on 03/29/02

Lasseville Edward,(Zip code: 90255)$1000 to SENSENBRENNER COMMITTEE on 03/29/02

Mr. EDWARD LASSEVILLE,(Zip code: 90255)$1000 to GEKAS FOR CONGRESS on 03/06/02

EDWARD LASSEVILLE (AGENCIA ECONOMICA),(Zip code: 90255)$1000 to MCCONNELL SENATE COMMITTEE '02 on 04/18/01

JAMIE OAXACA (ENGINEERING CONSULTANT),(Zip code: 90255)$500 to WAYNE ALLARD FOR UNITED STATES SENATE COMMITTEE on 04/25/02

CAROLINA OAXACA (HOMEMAKER
afectado

Los Angeles, CA

#247 Dec 18, 2008
Important note: This list is based on the data made publicly available by the Federal Election Commission. City-Data.com has made no additional attempt to verify the accuracy or validity of the names on this list and it cannot individually remove or update any of the information. Please direct any inquiries or corrections to the FEC. City-Data.com will periodically update this list based on the data made available by the FEC. Note that it is possible for multiple persons to share the same name. Unintentional errors are possible. Do not use for any purpose before consulting official data provided by the FEC.
THESE INDIVIDUAL NAMES ARE NOT TO BE USED FOR ANY COMMERCIAL PURPOSES OR TO SOLICIT CONTRIBUTIONS BY LAW.
Juan JOSE Orellana 91340
afectado

Los Angeles, CA

#248 Dec 18, 2008
Businessman indicted in $62M Ponzi scheme





Associated Press - December 17, 2008 10:54 AM ET

LOS ANGELES (AP)- A Huntington Park businessman allegedly preyed on thousands of mostly Hispanic investors in a Ponzi scheme that promised 84% annual returns on real estate.

Federal prosecutors say Milton Retana, a Salvadoran who owns Best Diamond Funding, got $62 million from investors.

The 43-year-old Retana was arrested Tuesday after he was indicted for fraud and making false statements.

Retana allegedly told his mortgage clients that he could help them invest their money in real estate, then he started advertising in Spanish-language magazines and on the Internet and held weekly investment seminars.

The indictment says Best Diamond bought little real estate and instead used the investments from later investors to pay "profits" to earlier investors.

Information from: Los Angeles Times, http://www.latimes.com
afectado

Los Angeles, CA

#249 Dec 18, 2008
updated 31 minutes ago
<br /><br />LOS ANGELES, Calif.-- A man living in Norwalk was in jail Wednesday, charged with running a Ponzi scheme involving investments in diamonds that allegedly defrauded more than 2,000 people of at least $62 million.<br /><br />Milton Retana, 43, was indicted earlier this week by a federal grand jury in Los Angeles. His firm, Best Diamond Funding, targeted Spanish-speaking people through ads in ethnic media, the U.S. Attorney's office said.<br /><br />"By perpetrating this giant Ponzi scheme, the defendant stole tens of millions of dollars from thousands of innocent investors, depriving them of their hard-earned life savings and financial security," said U.S. Attorney Thomas P. O'Brien.<br /><br />Prosecutors charged Retana was promising investors a return of 84 percent per year, and was encouraging investors to take out mortgages to raise money to invest in his diamond trade.<br /><br />Prospective investors were told that Best Diamond Funding used its gemstone profits to purchase and then resell houses, and that the company often purchased 50 to 60 houses at once using its sales force of 60 real estate agents. In reality, the firm only had five licensed agents and purchased fewer than 50 properties.<br /><br />U.S. Postal Inspection Service inspectors and FBI agents raided Best Diamond Funding and a next-door religious bookstore owned by Rentera's wife last October. Agents said they recovered nearly $4 million in cash in the office and the store, called Libreria del Exito Mundo, on Pacific Boulevard in Huntington Park.<br /><br />Rentera appeared at a hearing Tuesday in Federal Court in Los Angeles. <br /><br />He could face 165 years imprisonment if convicted.<br /><br />A Ponzi scheme, named for a con man who took Bostonians for millions in the 1920s, is a financial ruse in which investors are promised high returns. Early investors are paid unrealistically high returns with money coming from newer investors. But such an operation inevitably collapses, since there never was any investment or earnings.
linda

Northridge, CA

#250 Dec 18, 2008
Este comentario es para todos creo que algo que es sierto es que todos hemos sido beneficiados de la corp. Best Diamond Funding y desde el momento que desidimos poner nuestro dinero hicimos una desicion personal nadie fuimos forsados y desde el momento que desidimos invertir sabemos que lo ponemos en riesgo, lo que pasa es que no aceptamos nuestros errores solo buscamos un culpable cuando invertimos en la volsa de valores no nos duele y realmente es lo mismo.
lo que les puedo desir es que nos eduquemos mejor para que nuestra comunidad dea mejor, milton es persona que siempre a querido ayudar ,y el saldra de todo esto y le deseo lo mejor y cambien sus comentarios no boten al que quiere superarse.
afectado

Los Angeles, CA

#251 Dec 18, 2008
LOS ANGELES, Calif.-- A man living in Norwalk was in jail Wednesday, charged with running a Ponzi scheme involving investments in diamonds that allegedly defrauded more than 2,000 people of at least $62 million.

Milton Retana, 43, was indicted earlier this week by a federal grand jury in Los Angeles. His firm, Best Diamond Funding, targeted Spanish-speaking people through ads in ethnic media, the U.S. Attorney's office said.

"By perpetrating this giant Ponzi scheme, the defendant stole tens of millions of dollars from thousands of innocent investors, depriving them of their hard-earned life savings and financial security," said U.S. Attorney Thomas P. O'Brien.

Prosecutors charged Retana was promising investors a return of 84 percent per year, and was encouraging investors to take out mortgages to raise money to invest in his diamond trade.

Prospective investors were told that Best Diamond Funding used its gemstone profits to purchase and then resell houses, and that the company often purchased 50 to 60 houses at once using its sales force of 60 real estate agents. In reality, the firm only had five licensed agents and purchased fewer than 50 properties.

U.S. Postal Inspection Service inspectors and FBI agents raided Best Diamond Funding and a next-door religious bookstore owned by Rentera's wife last October. Agents said they recovered nearly $4 million in cash in the office and the store, called Libreria del Exito Mundo, on Pacific Boulevard in Huntington Park.

Rentera appeared at a hearing Tuesday in Federal Court in Los Angeles.

He could face 165 years imprisonment if convicted.

A Ponzi scheme, named for a con man who took Bostonians for millions in the 1920s, is a financial ruse in which investors are promised high returns. Early investors are paid unrealistically high returns with money coming from newer investors. But such an operation inevitably collapses, since there never was any investment or earnings.
chuy

United States

#252 Dec 18, 2008
Estrella wrote:
Los comentarios negativos es obvio que no son de los socios de best diamond si no que son de fracasados que no tienen ningun peso para invertir y se comforman a vivir de cheque a cheque. Prefieren juntar botellas y conformarse con la vida miserable que tienen. Es por eso que su negatividad y envidia no los llevara lejos.
a que estrellita si nosotros somos recoje botellas ya te nos uniste porque milton te dejo en la pura calle y si todabia tienes fe en el pues llevale tus donaciones ala carcel jajjaja digo donaciones pq cual inversiones

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