REO Investors Sue for Losses in Alleged Scam

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REO Investors Sue for Losses in Alleged Scam

Monday, July 12th, 2010, 9:51 pm

Fortuno, a company that bills itself as the "Costco of real estate," has been sued by investors in Los Angeles Superior Court for allegedly duping them into buying what were essentially worthless REO properties.

The unrelated plaintiffs claim they were mislead into investing in an REO property flipping scheme that left them with virtually worthless properties, while Lodi, Calif.-based Fortuno made money off the deals, according to the suit, filed by the Law Offices of Andrew M. Wyatt of Los Angeles.

for more... click on: REO Investors Sue for Losses in Alleged Scam

Hopefully, the investors get some or all of their money back... not likely!