Police: Man sold foreclosed home

Published On: Jan 18 2013 12:09:18 PM EST
MIAMI -

Police arrested a man suspected of selling a foreclosed home to a family for $25,115.88.

Ricardo Ribas, 52, is charged with grand theft.

According to police, Ribas acted as a realtor and bought several properties at an action. In Jan. 2011, he sold one to a family for $25,115.88.

In May, Ribas told the family they could move in to the home although the closing was still pending title issues, say police. About three months later, the family learned the bank owned the home and they moved out after spending an additional $20,000 upgrading the home.

Police ask any other victims of Ribas' alleged scheme to call them at 305-994-1000.

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