A local couple were charged with stealing more than $5.9 million in a real estate fraud scheme and laundering the money to purchase a luxury car and other investments, the Orange County District Attorney’s office announced this week.
Ronald Cedric Touchard, 59, and his wife Misty Denise, 43, of Newport Beach were charged Wednesday with numerous counts of money laundering and grand theft. Ronald Touchard was also charged with recording false or forged instrument.
According to authorities, between June 13 and July 1, 2016, Ronald Touchard took over the titles of three Newport Beach residences he did not own or have claims to by submitting paperwork to the State of Delaware indicating he was the sole officer of Capital Win Corporation and Gainquick LLC, an investment company based in Laguna Beach.
Ronald Touchard is accused of convincing “hard” money lenders that, as the president of CWCG, he held the deed of trust for each residence.
The OCDA accused him of taking $5.9 million in equity out of the three residences for financial benefit.
They both allegedly used the stolen funds to make numerous large purchases, including a Land Rover, and moving the money between various bank accounts in a pattern consistent with money laundering.
He faces up to 55 years and four months in state prison and she faces 24 years and eight months.