EWTK: Dozens tell police they've lost thousands in mortgage fraud scandal

Dozens say they were duped after down payment

SAN ANTONIO -- Police say dozens of people claim they've lost thousands of dollars, money they had saved to make down payments on their homes. 

Kyle and Karen McGlotten said they found the perfect investment property with the help of Century 21 Northside. To finance it, the McGlottens said their real estate agent introduced them to Ray Stanziola from TG Wealth, with whom they filled out an application for a loan.

The McGlottens said Stanziola asked them for cashier's checks for $15,000, a 10 percent down payment on the house made out to a company called Infinite Properties.

"Up until that time, the only company that we knew about was TG Wealth, so we thought they were the only one who was giving us the loan. We didn't know about Infinite Properties until that day," Karen McGlotten said. 

That's when the McGlottens said the problems started. They said the funding never came through, and the sellers on that investment property decided to go with a different buyer.

The McGlottens said they then tried to track down Ray Stanziola from TG Wealth to get a refund on their deposit, but they said Stanziola told them he didn't know what happened to their money.

The McGlottens said that's when he stopped answering their phone calls.

Kyle McGlotten said he was able to get someone from Infinite Properties in McAllen on the phone with him and he said he would give him his money back. They then went back to Century 21 Northside and that's when they said they found out they weren't the only ones complaining about Infinite Properties. 

The manager of Century 21 told KENS 5's Eyewitness Wants to Know over the phone that at least six other clients gave money to Infinite Properties between May and August, and that money disappeared.

One of those clients is Steve Thacher, who says he wired $150,000 -- his life savings -- to Infinite Properties, and they never gave the money to the seller. 

"I'm very worried to lose the house," he said. "My kids, they're all sad. My fiancee is sad. We're heartbroken. That was my dream house."

Eyewitness Wants to Know met with Thacher's real estate agent to find out what happened. The agent said his office did their due diligence. They thought Infinite Properties had been pre-approved for a $10 million loan. 

"Nobody wins in a situation like this. We work very hard to get our clients into homes, and at the end of the day, when a client doesn't get into a home, we don't make a commission," he said. "The office doesn't make a commission, and worst of all, our clients don't get into a home."

Eyewitness Wants to Know tracked the two men behind Infinite Properties to McAllen, so KENS 5 border reporter Oscar Margain went to their homes and their office.

At owner Rogelio Ramos Jr.'s home, a lady answered the door and said he wasn't there.

We then went to the home of his colleague, Luis Rodriguez. Luis' dad said his son left a month ago and wouldn't say where he was going. At the Infinite Properties office, neighboring business owners told us that they hadn't seen Ramos Jr. or Rodriguez in about four weeks. 

Police in Mission, McAllen, and Brownsville are all investigating theft allegations against Infinite Properties with assistance from the FBI.

Ray Stanziola from TG Wealth, the man collecting the checks, declined to speak with us. We did reach the attorney of Rogelio Ramos Jr. and Luis Rodriguez, but he refused to speak to us on the record. 

According to the FDIC, if you're looking to buy a home, it's important to get information from several lenders and always shop, prepare and negotiate.

If you're asked to give a down payment on a home, make sure you're putting that money into an escrow account. 

If you have a problem you'd like KENS 5's Eyewitness Wants to Know to look into, call 377-8647 or email us at ewtk@kens5.com.

(© 2016 KENS)


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment