With banks not lending and homes becoming weed collectors, Seal Beach real estate agent
John Wesley Martynec hatched what sounded like a win-win for investors: he would pool their cash to buy foreclosed fixer-uppers in Los Angeles County, have them renovated, re-sell the homes at mark-ups and divvy up the profits with his partners.
It would start raining money on investors in six months, the sole owner of Samax Real Estate informed. Last December, when that had not happened, some investors called the Seal Beach Police Department. Martynec now faces 34 felony counts for an alleged $300,000 scam.
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