According to court documents, Romo, using his companies Sycamore Ventures LLC, Smarie Investments LLC, and Groupo Immobiliare LLC, solicited individuals to fund various real estate developments. Rather than using the monies for the intended purpose, Romo diverted funds to his own personal use and to pay unrelated prior business expenses. Romo told investors he had not suffered any adverse court actions, failing to disclose that he had been convicted of bank fraud in United States District Court in Sacramento in 2002. Court records indicate that Romo may have begun soliciting investors in the current scheme while he was on federal supervised release for his previous criminal conviction.
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