SAN DIEGO COUNTY: Man On Probation For Ponzi Scheme Starts New Scheme, Prosecutors Say; Edmundo Rubi Targets Filipino Community For Second Time
Four California residents have been indicted on charges they targeted the Filipino Community of Greater San Diego in a foreclosure-rescue investment scam prosecutors have dubbed the “Apocalypse Trust†and “Amerisian Trust†scheme.
Edmundo Rubi, one of the defendants, was on federal probation for the infamous “Knights Express†Ponzi scheme that fleeced Filipino investors out of $24 million when he started the new scheme, said San Diego County District Attorney Bonnie M. Dumanis.
“Rubi brazenly ignored the conditions of his parole and went right back to committing the same types of crimes,†said Dumanis.
Planning for the new scheme reportedly got under way while Rubi was serving a 70-month-sentence in federal prison for the “Knights Express†Ponzi, which affected at least 425 investors.
Rubi, 52, was on supervised release when arrested in the new scheme.
Also indicted were Joseph Encarnacion, 59, Benjamin Hebron, 51, and Gloria Hebron, 53. The defendants were charged with 54 felony counts, including Conspiracy to Commit Securities Fraud, Securities Fraud, Sale of Unqualified Securities, Grand Theft, Perjury, Foreclosure Consultant Fraud and Rent Skimming.
“Mr. Rubi’s recidivism into this type of crime demonstrates his disregard for engaging in legitimate business practices,” said Keith Slotter, FBI Special Agent-in-Charge.
Investigators said 22 “Apocalypse Trust†and “Amerisian Trust†participants quit-claimed 34 properties into various fraudulent trusts, owned by Rubi and administered by Ben and Gloria Hebron.
Instead of assisting homeowners in foreclosure, the defendants stole their money or did not apply money as advertised, according to the indictment. Rubi lied about his criminal history.
“Rubi and Encarnacion recruited former victims of the ‘Knight Expresss’ Ponzi scheme” into the quit-claim scheme, prosecutors said. The terms of his probation prohibited him from “from having any contact with investors or financial accounts.”
In the Knights Express scheme, investors were told they were investing in a “secret international trading program” in which Federal Reserve notes were purchased and sold at discounted rates, prosecutors said in 2003.
In the “Apocalypse Trust†and “Amerisian Trust†scheme, investors were coerced into signing a “Non-Disclosure & Confidentiality Agreement,” according to the indictment.
Hmmmmmm,
Sounds a bit like the true believers following St. Andy.
“Rubi and Encarnacion recruited former victims of the ‘Knight Expresss’ Ponzi scheme†into the quit-claim scheme, prosecutors said.”
My sympathies for the second-time victims of Mr. Rubi are fairly low, just as they are for the folks who followed Bowdoin into AVG after THEY KNEW AVG was a Ponzi, just as ASD was. After Mr. Rubi was convicted of fraud, why, oh why did his first run victims follow him again? I guess I’ll never have the charisma (or lack of morals) that a Rubi or a Bowdoin have to be able to steal from people twice all the while making them think I’m The Greatest.
I’ll also have no sympathy for the serial criminal promoters like Pont, Milner et al., who led these people into AVG, when it is their turn to face the music. Hopefully soon it’s hammer time……