$1.2 Billion Civil RICO Action Filed Regarding Dinar Real Estate Fraud
Late last week a civil RICO action was filed in the California Central District of the United States District Court. The suit is connected to another state court action filed earlier this year in Riverside, California. While both suits focus on what is alleged to be a $1.2B fraud on real estate and Iraqi dinar “investors,” the RICO case highlights the alleged intensive use of federally regulated communications systems to perpetrate the alleged fraud throughout many states. It is alleged that the perpetrators of the fraud caused $1.2B in bad real estate loans, stole the identities of loan applicants to take out credit lines without victim permission, and that they failed to provided hundreds of millions of Iraqi dinars as promised to investors.
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