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 Ramon Toledo Arnaiz. Judge Mathews found INMUEBLES Y DESARROLLOS ARNAIZ SA de CV 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 the "Madoff of Mexico" for his grand theft of his fellow countrymen and women. Criminal charges are yet to be filed in the case against INMUEBLES Y DESARROLLOS ARNAIZ SA de CV and Ramon Toledo 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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