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Filipino Swindler to spend 6 years in prison

ponzi

A Filipino allegedly responsible for cheating thousands of dollars from other Pinoy homeowners was sentenced 6 years in prison.

In addition to that,  the judge ordered Edmundo Rubi to also pay $71,000 in restitution on February 10.

Rubi was indicted on 5 felony counts of theft and perjury and foreclosure fraud as part of a Ponzi scheme targeting mostly Filipinos.

According to the Deputy District Attorney, Rubi was able to  convince over 20 people to “quitclaim” on more than 30 properties into fake trusts called, “Apocalypse Trust” and “Amerisian Trust”.

A “quitclaim” deed lets a person transfer their property to another person.

Rubi had already spent 70 months in federal prison for scamming $24 million dollars in 2005 from over 400 Filipinos in a different Ponzi scheme.

His co-defendant, Joseph Encarnacion, received 4 years in jail for helping Rubi. Real estate agents Ben and Gloria Hebron got probation and had to give up their real estate license.