The State : Man Convicted in Loan Scam

A federal court jury has convicted former Orange real estate broker Gerald Ramos of swindling financial institutions across the country out of $21 million. Ramos, 38, a flamboyant deal maker who once tried to cash $750,000 of the money at a casino, smiled as the verdict was read in a Los Angeles courtroom. “This verdict should show the real estate people who play fast and loose with the rules what can happen to those who go beyond what is proper and legal,” said Orange County Deputy Dist. Atty. Guy N. Ormes, who served as a special assistant U.S. attorney in Ramos’ prosecution. Ramos, who fled to Spain for a year after his deals began unraveling, faces a maximum of 170 years in prison for the scheme that used inflated land values, false financial statements and worthless mortgage insurance.