Real estate agents charged with stealing $1.8M

DOWNEY - Two real estate agents, including one who lives in Downey, were arrested last week, accused of stealing $1.8 million from the real estate office that employed them.Elek Andrade, 27, of Downey, and John Wesley Martynec, 38, of Long Beach, each face 102 felony counts of grand theft and identity theft. Andrade is a licensed real estate agent while Martynec is a broker. Between 2003-08, they worked for two real estate companies in Norwalk: JTR Real Estate and Results Mortgage. JTR often purchased residential companies which were occupied to renters. In order to avoid a lengthy eviction process, JTR offered cash payouts to residents to move out voluntarily. Authorities allege that Andrade and Martynec submitted phony "move out" notices to JTR and kept the cash payments for themselves. Andrade and Martynec are also accused of submitting fake contractor invoices to JTR. The money was allegedly embezzled through a company owned by Martynec. Investigators say Martnec used the money to remodel his Long Beach home -- adding a second floor, pool and outdoor BBQ area -- and to take lavish vacations, including stays at a Maui resort that cost $3,000 per night. "Large sums" of money were also used to commit mortgage fraud, authorities claim. Andrade and Martynec were arrested at their respective homes and each are being held on more than $1.7 million bail.

********** Published: July 05, 2012 - Volume 11 - Issue 12