Man Gets 34 years In California Real Estate Fraud Scheme
WESTMINSTER, Calif. (AP) — A California man who eluded capture for two years before being arrested has been sentenced to more than 34 years in prison for stealing about $3 million in a real estate fraud scheme.
Thomas Tarbutton was extradited to the U.S. in 2013 following his detention in Panama as he attempted to fly from Brazil, where he was living, to Costa Rica.
The 58-year-old Newport Beach man was convicted last year of 40 felony counts, including grand theft and securities fraud, involving 11 victims.
The Orange County Register reports Tarbutton was sentenced Friday.
Prosecutors say Tarbutton solicited money from private investors for clients looking for loans from non-bank lenders. The investors thought they were funding mortgages that would yield quick profits, but in some cases the loans fell through and Tarbutton pocketed the money.
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