Network Accused of Targeting Hispanics for Real Estate Fraud

HARTFORD (CN) – Jose Guzman of Waterford targeted Hispanics for fraudulent real estate deals, using a network of crooked cohorts, including his own companies Royal Financial, First Source Mortgage Solutions, Elizabeth Athan LLC, J.G. Management and Cutting Edge Contracting, the State of Connecticut claims in Superior Court.
Defendants, including Mauricio Lanza of Trumbull and Brian Guimond of Norwich, ran a giant predatory lending scheme to induce buyers, particularly Spanish speakers, “to take part in improvident real estate transactions from which only the Defendants and their family members or associated profited,” the State says. Guzman ran the scam in sales of multi-family dwellings though he does not have a real estate license, the State says. After defrauding clients in many ways, the defendants often induced them to forfeit the properties for no consideration, the State says. It demands an accounting, rescission of contracts, fines and injunctions. See complaint.

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