REGULATORS SEEK TO PULL WOMAN'S REALTY LICENSE.Byline: Daily News Staff and Wire Services State real estate regulators said Monday that they want to revoke the real estate license of a Palmdale woman accused of defrauding hundreds of buyers of Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley land. The California Department of Real Estate will hold a hearing to determine punishment for Carolina Acio Paredes, a Palmdale woman being investigated on fraud and other charges in Hawaii and California. The investigations stem from allegations that Paredes failed to file public reports when she sold interests in unsubdivided parcels to investors, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. state Department of Real Estate officials. Under California law California Law consists of 29 codes, covering various subject areas, the State Constitution and Statutes. See also
State Department of Real Estate records also show that Paredes failed to comply with another law that forbids the use of small investors' monthly payments on property unless the payments are handled by an uninvolved un·in·volved adj. Feeling or showing no interest or involvement; unconcerned: an uninvolved bystander. Adj. 1. third party. Authorities said a total of 253 people in Hawaii and California were scammed out of thousands of dollars by Paredes, who sold desert land at an inflated price. Most of the investors were low-income workers who gave their life savings to Paredes, investigators said. In at least one case, Paredes bought Palmdale land for $87,000, with the seller financing Seller financing Funding a purchase by a seller's loan to the buyer, the buyer takes full title to the property when the loan is fully repaid. the mortgage. She sold partial interests to small investors that totaled nearly $240,000, but defaulted. The land is now valued at less than $20,000, according to records. Paredes filed for bankruptcy in January, an attorney said. On June 5, the Department of Real Estate issued a notice of intent to revoke Paredes' license, saying she failed to adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. a stop order issued to prevent her from selling property. Officials at the Hawaii Department of Commerce and Consumer Affairs said Paredes also sold land that was not only worthless, but land she did not own. In 1996, after reaching an agreement with Hawaiian officials, Paredes was barred permanently from selling real estate there. Nine of the investors have filed a civil lawsuit against Paredes, alleging they lost a total of $500,000 in real estate investments. The last address listed for Paredes was in west Palmdale, but her telephone has been disconnected. Paredes' real estate license is set to expire December 12, 1997. Rodney Vasganian, an attorney for Paredes, said he could not comment on the Department of Real Estate investigation. ``I'm representing her in Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. only,'' he told the Daily News. Vasganian said his client filed for bankruptcy in January and that any further litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. in civil or criminal matters might have to be handled by another attorney. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion