His take may have been comparatively small potatoes, but the charges against Joseph Anthony ("Tony") Veltre, Jr., smack of
Bernie Madoff's style.
Veltre was arrested this week for alleged embezzlement and identity theft. Newport Beach and Costa Mesa detectives claim he defrauded "numerous hard money investors over an approximate seven-year period by selling them fraudulent 'second' trust deeds," according to a police news release.
Detectives said Veltre would get an investor's money, then make loan payments in return in a "Ponzi" type scheme, often recording the fraudulent loans against properites "without the owner's knowledge or consent."
Police say Veltre is also suspected in a "variety of other financial crimes" and that he used several business names, including Allied Corporate Investments and Sea View Financial Center, both with addresses in Tustin and Orange.
Veltre was jailed at the Newport Beach Police Department jail after his arrest, and bail was set at $2,000,000.
