Real estate agent charged in scheme
By Tracy Manzer, Staff Writer
08/30/2011
SEAL BEACH —
A Seal Beach real estate agent has been charged with 34 felony counts in connection with a scheme that saw victims buy into a fake investment pool to the tune of nearly $300,000, police announced Tuesday.
The Seal Beach Police Department launched its investigation into John Wesley Martynec, the sole owner of Samax Real Estate in Seal Beach, in December after several victims came forward, Sgt. Steve Bowles said.
The victims were told their money would be pooled and used to purchase homes in Los Angeles County that were in foreclosure.
Those properties would then be renovated and resold at a profit and the investors would receive their earnings from the venture within six months of the initial investment, the victims told investigators.
Martynec sent the victims updates via email along with property deeds for homes located throughout L.A. County. He claimed he was using the profits from each sold property to purchase additional properties, Bowles said.
As soon as the victims asked that their money be returned as originally agreed upon, Martynec stopped returning phone calls or emails, the sergeant said.
The ensuing investigation revealed Martynec purchased one property, for $292,000, and that property was eventually seized in foreclosure.
"The properties Martynec had listed on the victims' investment statements were real; however neither he nor his company ever owned any of them," Bowles said.
The property deeds sent to the victims were later found to be fraudulent, the sergeant said.
The Orange County District Attorney's office filed 34 felony counts against Martynec, including multiple counts of grand theft, elder abuse (based on theft from an elderly investor) and other violations.
A $150,000 arrest warrant was issued for Martynec on July 12 and he was taken into custody on Aug. 11, Bowles said.
He has since posted bond and is awaiting trial.
Martynec's LinkedIn profile lists his specialties as real estate investments, asset management, portfolio management and fundraising, and it says he is a graduate of Cal State Long Beach.
He lists his previous experience as operations director/
sales manager at JTR Real Estate Inc., operations director/director of sales at Results Mortgage Inc. and investment manager at Shoreline Properties LLC.
Other Web profiles list him as a real estate agent in Long Beach and Huntington Beach.
Martynec could not be reached for comment Tuesday.
SOURCE: The Press Telegram
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