CHICAGO (CN) – A federal class action claims Investforclosures, “through nearly constantly changing and involuntarily dissolved business organizations and names,” defrauded customers of $8 million. The 22 defendants allegedly promised to buy distressed property, fix it and resell it, but actually operated a Ponzi scheme for 8 years, eventually buying 27 acres in Mexico “that is not tied to any of the investment vehicles,” according to the complaint.
Here are the defendants: Investforclosures Financial LLC, ROI Developers, Investforclosures, Investforclosures.com LLC, Investforclosures Ventures LLC, Sands of Gold Escrow, Sands of Gold, ROI Financial, Realty Opportunities International Escrow 23, ROI Escrow, Realty Opportunities International S. De R.L. De C.V., Realty Opportunities International, ROI Mexico, Sands of Gold Estates, Francis X. Sanchez aka Frank Sanchez, James D. Bourassa aka Jim Bourassa, Scott D. Wessel, Deana M. Guidi, Daniel E. Fitzgerald aka Dan Fitzgerald, Scott R. Slagle, Darcey L. Martin, and Tom Rodriguez.
Plaintiffs’ lead counsel is Robert Thurston of Huntley, Ill.
The case has since been voluntarily dismissed by the plaintiff.