Matt Onofrio Indicted by the DoJ for $35 Million Fraud Scheme

Russell BrazilBusiness Member

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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

Well the title says it all. Got to be careful with these Gurus, even if they are on our platform.

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Reed Rickenbach
Real Estate Broker · Memphis, TN · Member since 2020 · 202 posts · 203 votes
3y
Seems like there is a fine line between being creative to get deals funded and bank fraud. On a much smaller scale this probably goes unnoticed, but once you are raising millions of dollars you open yourself to investigation. I am glad that the headline does not read similar to FTX headlines in that he was not misappropriating investor funds. Seems like the idea was more to trick the bank, not investors.
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Ricardo Arbona
Investor · Miami, FL · Member since 2020 · 9 posts · 0 votes
3y
Thank you for sharing. I had read on Market Watch that he was involved in faking financial documents and appraisals on these properties the investors were buying, which he owned, resulting in committing fraud against the banks and the investors. Just sharing.
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