Million-dollar alleged scam leads police to Vegas casinos

FRESNO, Calif. (KFSN) -- Police are following a trail from Fresno to Vegas casinos and drug dens after more than $1 million disappeared in an alleged real estate scam.

A Fresno man is the subject of a major investigation, accused of stealing from investors to support a couple addictions.

Action News talked to four victims who each lost hundreds of thousands of dollars. They tell me it all started with legitimate transactions, but ended with a ripoff by a man on a downward spiral.

CFG Capital is closed, but its owner's business transactions are still wide open. Several investors are out huge sums of money after doing deals with Darin Gregory. The 40-year-old had a good reputation in the Fresno real estate industry up until this winter.

In court documents we dug up, investigators say Gregory started avoiding contact with his investors in September. By January, police were raiding his Northwest Fresno office. His neighbors don't want to be identified, but they watched it happen.

"He pulled into the back driveway and they were like 'Get on the ground. Get on the ground,'" one told us. "They drew their guns out. He got on the ground, put his hands behind his back and they arrested him."

Police seized a gun, computers, and all the documents they could find related to the transactions gone south. Investigators say Gregory was a real estate middle man who descended quickly. His investors say they started to find out Gregory had signed up multiple lenders on the same loans. On others, he collected proceeds but never paid the lenders. But they don't believe Gregory managed to keep much of the money. The investigation uncovered evidence he was using drugs heavily and losing big at casinos in the Valley and Las Vegas.

When Action News tried to track him down, we found he may be losing his home as well. The city of Fresno declared it unsafe to enter Thursday, calling it a public nuisance for the lawn and the mess.

Gregory's real estate transactions have created a much bigger mess. The victims tell us there's very little hope they'll ever get their money back.

For now, Gregory hasn't been charged with any financial crimes. Police say they're still waiting for more bank records before filing a case.