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Broker charged in real estate mortgage Print E-mail
Friday, 01 September 2006
A federal grand jury indicted a Turlock man on 122 counts connected to a scheme to cheat homeowners out of millions.  The indictment claims Tony J. Daniloo, 32, secretly embezzled about $7 million from real-estate clients in the East Bay and Central Valley.  Previously the subject of a one-count criminal complaint filed by prosecutors, Daniloo was arrested by federal agents June 29 and remains in Oakland's North County Jail.

He also faces state charges in Alameda County, where Deputy District Attorney Bill Denny praised both federal and local investigators for their work on the case.  Daniloo laundered his booty by making "lulling payments" to victim homeowners, the indictment claims, as well as spending massive amounts of stolen money on publicity for DreamLife.

"According to the charges, the defendant preyed on the assumption that his clients would trust him and not read all the fine print," said U.S. Attorney Kevin Ryan in a news release. "Unfortunately, the victims paid a heavy price for this misplaced trust, losing hundreds of thousands of dollars — and in some cases, losing their homes through foreclosure."

For example, he pledged $1 million to the athletic department at California State University, Stanislaus with the expectation that the school would rename its athletic arena the DreamLife Arena.

And in 2004, DreamLife was a finalist for naming rights of the football stadium at Candlestick Point now called Monster Park


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