An investment promoter who promised Spanish speakers a bonanza in distressed real estate but allegedly cost them millions of dollars has been arrested on a federal charge of bribing a bank executive.
Juan Rangel of Downey, 44, owner of Commerce-based Financial Plus Investments, was in custody pending a bail hearing Friday in Los Angeles.
In a court affidavit, FBI Special Agent Stephanie A. Talamantez said dozens of investors mobbed the offices of Financial Plus Investments and two related companies, RQ Investments and RQ Properties, after Rangel closed the firms July 25. Then the investors headed for the FBI's office in West Covina.
Prosecutors said they had documented more than $8 million in losses from about 150 victims -- a fraction of the 600 to 800 investors who are believed to have entrusted Rangel with funds.
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