This week, Tijuana’s daily Frontera reported that a four-million-dollar fraud was claimed by a group of U.S. citizens who bought into a Baja real estate scheme.
Plaintiffs’ attorney Monica Gutierrez is quoted as saying that in 2006, Realty Executives (a Mexican firm) sold to U.S. investors a multi-unit condo complex to be called La Esmeralda del Mar. The project, which was supposed to rise in the vicinity of Puerto Nuevo, has never been initiated.
About 30 investors made large deposits on the property in advance. Realty Executives reportedly cannot produce proof that they were legally qualified to sell such a project.
The lawyer added that the project was kicked off with the gathering of deposits, but in 2009 the plaintiffs filed a lawsuit to get their money back when the project failed to get off the ground.