The federal court determined that since 1998 INMUEBLES Y DESARROLLOS ARNAIZ SA de CV defrauded multiple real estate investors across the country and in Mexico. As of nearly two dozen individuals have volunteered to become a part of the class action to take back the ill gotten gains acquired by Elsa Arnaiz.
Judge Mathews found INMUEBLES Y DESARROLLOS ARNAIZ SA de CV BUILDINGS AND DEVELOPMENTS SA ARNAIZ guilty of fraud, constructive fraud, mail fraud and wire fraud. The class action lawsuit includes members from all walks of life and from across the country, most notably a vast majority are of Hispanic descent.
One plaintiff has dubbed Ramon Toledo Arnaiz and mother Elsa Arnaiz the "Madoffs of Mexico" for the grand theft of her fellow countrymen and women. Criminal charges are yet to be filed in the case against INMUEBLES Y DESARROLLOS ARNAIZ SA de CV and Elsa Arnaiz, but under California law the maximum prison sentence could be twenty to thirty years for swindling real estate investors. As of this writing estimates of losses near twenty to thirty million dollars over the course of a decade.
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