Real Estate Ponzi Scheme Garners Federal Criminal Charges

Gaston E. Cantens, 73, will now be facing federal criminal charges for his part in an alleged real estate Ponzi scheme. Cantens, along with his wife, had previously faced charges from the U.S. Securities and Exchange Commission (SEC) and settled in that case last year. The investigation initially came after the news broke in 2009 that Cantens' company was being pursued in both bankruptcy court and through civil suits.

Cantens is accused of luring in investors though his company Royal West Properties with a supposedly “risk-free” investment opportunity. According to court documents, he claimed that these collateralized real estate investments were safely backed with mortgages and properties.

Unfortunately, it is believed that Cantens did not use the cash for investing and instead used the money coming in from new investors to pay off previous investors. Belen Jesuit Preparatory School is said to be among those victims taken in by the alleged investment scam, and Cantens had been a board member with the school.

The investment fraud attorneys with Meyer Wilson represent investors in stockbroker mediation, arbitration, and litigation nationwide. We would like to remind investors to always carefully research any investment opportunity, especially those that sound "too good to be true." If you have already suffered investment losses in a Ponzi scheme or stock scam, speak with one of our experienced Ponzi scheme lawyers today for more information about what to do next and a free evaluation of your case.


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