A 39-year-old a real estate broker and owner of a equity and escrow firm in Santa Ana was arrested Tuesday on suspicion of stealing more than $500,000 from the firm’s clients.
Andres Pacheco of Costa Mesa was arrested at the Orange County Courthouse after making an appearance on an unrelated case.
Santa Ana Police Economic Crimes detectives were contacted in July by a man who claimed to be defrauded by Pacheco. The investigation determined that Pacheco’s escrow company was holding $186,000 in escrow, pending completion of a real estate transaction, detectives said.
The victim was due his $186,000, but Pacheco’s escrow company refused to return the money.
Detectives later discovered that eight victims had given Pacheco’s company deposits for short sale transitions–and he did not return the deposits and is accused of taking $540,000 from them.
Pacheco was booked for grand theft, nonsufficient funds with intent to defraud and aggravated white collar crime-over.
His bail has been set at $540,000. Anyone with information on the case should call Santa Ana police detectives at (714) 245-8431.
–City News Service