Former Clovis man charged with $10 million in real estate fraud 

The former Clovis resident ran his fraud scheme while serving a sentence in federal prison.

A former Clovis man has been charged with real estate fraud valued at $10 million. 

The big picture: Seth Adam Depiano, 43, has been charged with conspiracy to commit wire fraud, wire fraud, money laundering conspiracy and aggravated identity theft. 

Driving the news: Depiano had been sentenced in 2018 to over 12 years in prison for running a $24 million fraud scheme. 

  • While serving that sentence in federal prisons in Mississippi, Oklahoma and Florida, Depiano managed a real estate fraud scheme. 
  • He posed as a real estate broker who represented clients who wanted to sell property and acted under fake names Marcus Lazaro and Steven Baron Sr. 
  • Depiano was not a real estate broker and did not have any clients. He marketed and sold properties he did not own and did not have the authority to sell. 
  • Along with his co-conspirators, Depiano obtained around $10 million from victims in California, Nevada and other places. 
  • Once they received the money, they laundered it through Las Vegas casinos and other businesses. They also formed shell companies to purchase and hold real estate using victim funds and wired them overseas. 

What we’re watching: Depiano, who is in custody, will appear in court on July 16. 

  • He faces a maximum of 20 years in prison for wire fraud and mail fraud. He also faces a mandatory minimum penalty of two years for aggravated identity theft. 
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