SAN FRANCISCO — The San Francisco Police Department arrested the suspect responsible for a series of real estate fraud incidents that occurred in the Bay Area on Wednesday, July 23, 2008.   According to a press release on the SFPD website, the suspect, 29-year-old Edwin Parada of San Francisco, was taken into custody by police on an arrest warrant in South San Francisco at 7:30 a.m.   Parada targeted Spanish-speaking individuals who were not knowledgeable of real estate laws.   He is originally from El Salvador and is not a permanent U.S. citizen.   He lost his real estate agent’s license back in December 2007 for not paying child support.

          The names of the victims and the extent of the real estate fraud incidents were not discussed in the press release.   “Parada, a licensed real estate agent, engaged in a variety of real estate-related fraud in the San Francisco Bay Area,” the press release indicated.   Officials received more than 12 reported cases of this fraud.   As the investigation continues, authorities believe victims are expected to lose hundreds of thousands of dollars.  

“The San Francisco Police Department acknowledges the assistance provided by the Mission Economic Development Association (MEDA).   Through a series of meetings conducted by Dairo Romero, Community Organizer for MEDA, the extent of the fraud incidents came to light and the police department was contacted.   The SFPD Fraud Inspectors began an investigation, conducting the first interviews at the MEDA facility,” the press release indicated.  

          Parada remains in police custody where he faces multiple counts of grand theft.   On Thursday, July 24, 2008 a judge set bail for Edwin Parada in the amount of $750,000, according to the website The Snitch, which is affiliated with the San Francisco Weekly News Blog.   The SFPD Fraud Detail is asking anyone who may be a victim of this fraud or has information on this investigation to call the Fraud Detail at 553-1521 or contact Mr. Romero at 282-334, ext. 25.