Ralph John Solis, Hemet, California, was sentenced to 15 years in state prison and ordered him to pay more than $12.6 million in restitution to the victims of a real estate Ponzi scheme he operated.
Solis, DOB: 5-17-57, pleaded guilty on July 24, 2013, to four counts of grand theft, operating a business for the purpose of committing securities fraud and a sentencing enhancement of aggravated white collar crime.
Solis was sentenced by Judge Patrick Magers to 15 years in state prison and the judge ordered him to pay $12,646,727 in restitution to the victims.
From 2007 through 2009, Solis operated a real estate Ponzi scheme in which he sold forged first and second trust deeds to unknowing investors. During that time period, Solis raised more than $12 million from more than 50 victims while promising them great profits. But what Solis did was create fictitious deeds of trust by finding mortgages held by non-traditional lenders and private parties then obtaining copies of the documents and putting his name on them as the beneficiary. These fake deeds were then bundled and sold directly or through unwitting third parties.
Victims in this Ponzi scheme were from Riverside, San Bernardino, Orange, San Diego and Los Angeles counties, as well as some from as far away as Texas and Arkansas.
The investigation conducted by DA’s Investigator Craig Johnson revealed that Solis lived a lavish lifestyle which included expensive cars and trips and he became friends with many of his victims, even going to the birthday party of one of his victim’s children.
The case, RIF1203614, was prosecuted by Deputy District Attorney David Allen of the DA’s Real Estate Fraud Unit.