A real estate agent from Cucamonga, California, who is named as Richard Nazabal, was sentenced recently for a real estate investment scheme which he perpetrated year 2006 and 2008. This scheme includes counts of grand theft and state income tax evasion.

Richard Nazabal has pleaded guilty for these charges and was sentenced to nine years imprisonment, and restitution with amount yet to be identified. The amount for the restitution verdict will include his unpaid tax, interest, investigation costs, penalties, and refund to his victims.

From 2006 to 2008, Nazabal was said to fraudulently acquire as much as $2,400,000 from several investors and lending institutions. According to his victims, Nazadal promised them that he would be investing the money in real estate properties where he will purchase fixed-upper homes and resell it for a profit. But instead of this, he used the funds for his personal needs and has not purchased a single property. Aside from this, Nazabal was also unable to claim the income the he illegally acquired from this investment scheme to his 2007 income tax return which caused him a count of state income tax evasion.