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Gilbert man charged in $800,000 real estate scam
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Phillip Gulley
A Gilbert man is suspected of conning five East Valley residents for a total of $800,000 to take part in a real estate deal he claimed would give investors a quick return on their money.
Police say 41-year-old Phillip Gulley used his former wife's home as collateral and created false promissory notes to convince victims that he was trustworthy.
According to Chandler police Detective David Ramer, Gulley befriended a woman who tended bar at a tavern near Arizona Avenue and Warner Road over a three-year period. Ramer said Gulley appeared to earn her trust and befriend the woman, persuading her to give up $40,000 for his company, CCG Property Inc. Gulley said the company helped finance construction loans, police said.
Gulley was charged June 30 with felony theft and fraud schemes by the Maricopa County Attorney's Office, Ramer said.
The bartender told police she gave the money to Gulley in November 2005, and since then had been trying to track him down for a year. She decided to notify police after numerous unsuccessful attempts to contact Gulley.
Police said that Gulley's other victims live in Gilbert. Information about their cases has not been released.
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