Attorney General Mark Brnovich announced Tuesday, March 7 a State Grand Jury indicted the owner of a Phoenix real estate company for allegedly stealing $300,000 to $500,000 from 40 families in Arizona.
Francisco Aguirre is facing felony charges of conspiracy, fraudulent schemes and artifices, money laundering, illegally conducting an enterprise, mortgage fraud, theft and forgery.
From 2013-15, Mr. Aguirre owned Montecristo Properties, LLC, Montecristo Property Investments, LLC, and San Marino Property Investments, LLC, according to a press release.
Mr. Aguirre and his employees allegedly defrauded 40 families who wanted to buy homes.
Mr. Aguirre allegedly made false statements and material omissions to families who believed they were purchasing homes from Mr. Aguirre, giving him a down payment, a release states.
The attorney general claims the victims also made monthly payments as mortgage payments only to find out they never owned or had a title to the home, according to a release.
All defendants are presumed innocent until convicted in a court of law. Assistant Attorneys General Maura Quigley and Mary Harriss are prosecuting this case.