Recently two individuals entered a Coronado real estate brokerage requesting to see high-end real estate in excess of $12 million. When asked to provide proof of funds, the individuals produced two bank statements identifying three accounts with an approximate value of $12,647,397.00. When asked to provide identification, both individuals claimed that their driver’s licenses had been stolen. One individual did produce an out-of-state Criminal Offender Identification card.

The REALTOR® advised the potential clients that appointments would have to be made and verification of funds prior to any showings for the requested properties. The potential clients left the REALTOR®â€™s office without incident. The REALTOR® proceeded to the bank to verify the funds. Unfortunately, the bank statements were fraudulent, and although the account numbers did exist, they were not registered to the potential new clients nor did the accounts have the funds as represented.

SDAR would like to remind all agents to exercise caution when meeting with potential clients. If you suspect any criminal activity, contact the local authorities. If you suspect real estate fraud, contact SDAR so we may share this important information with the real estate community.