Realtor arrested for defrauding escrow customers in Santa Ana

Santa Ana Police Department

Advisory: Detectives Arrest Suspect Real Estate Fraud – Believe There May Be Additional Victims

On April 5, 2016, Santa Ana Police Department Economic Crimes Detectives arrested Andres Pacheco, 39, of Yorba Linda, for the theft of over a half million dollars. Pacheco was arrested at the Orange County Courthouse after making an appearance on an unrelated case.

Andres Pacheco is a Real Estate Broker and owner of Franklin Equity Corporation/Signature Escrow, based in Santa Ana. In July of 2015, Santa Ana Police Economic Crimes Detectives were contacted by a victim, who claimed he was defrauded by Pacheco. The investigation revealed Pacheco’s escrow company was holding $186,000 in escrow, pending completion of a real estate transaction. When the real estate transaction was cancelled, the victim was due his $186,000; however Pacheco’s escrow company failed to return the money.

Detectives began a lengthy investigation, identifying eight additional victims. These eight victims gave Pacheco and his company earnest deposits for short sale transactions. Pacheco did not return the deposits and is suspected of taking $540,000 from these accounts.

Pacheco was booked at the Orange County Jail and was charged with Grand Theft, Non-Sufficient Funds with Intent to Defraud, and Aggravated White Collar Crime-Over $500,000. Pacheco’s bail is set at $540,000.

Detectives are asking for anyone with information or additional victims to contact the Santa Ana Police Department at 714-245-8431.