23 Victims. $105,000 Stolen. Zero Right To Rent A Single Apartment.

A fake broker in New York just pleaded guilty to stealing $105,000 from nearly two dozen renters. His name is Juan Valoy. His scam was simple.

He showed desperate renters renovated apartments in Manhattan and the Bronx. Took between $2,500 and $7,000 from each person as a deposit or first month's rent. Promised them the unit was theirs.

He had no right to rent a single one of those apartments.

23 victims. $105,000 stolen. At least four years in prison.

How The Scam Worked

Valoy found his victims through Facebook Marketplace and word-of-mouth referrals. He showed them real apartments across Washington Heights, Queens, and the Bronx. He collected cashier's checks payable to a business he registered called Milian Services Corp.

He told each victim their deposit guaranteed the unit because "many people were interested." Then he stopped returning calls. When victims kept pushing, he refused to refund their money.

One victim had already moved out of her previous home. She showed up at the Bronx apartment she thought she had rented, young child in tow, only to find it already occupied by other tenants.

Most of his victims were Hispanic New Yorkers who primarily spoke Spanish. He collected their birth certificates, pay stubs, social security numbers, and financial records. He claimed it was for rental applications. That information is now in the hands of a convicted fraudster.

This Was Not His First Time

Here is the part that makes this even worse. In 2014, Valoy was sentenced to up to four years in prison for the exact same scam in Washington Heights. He got out. He did it again.

When prosecutors were presenting his case to a grand jury last year, Valoy stopped showing up for trial. He moved his operation to Manhattan. Bronx and Manhattan prosecutors eventually found him hiding in motels in Yonkers.

He could not make the $150,000 bail. He is currently on Rikers Island awaiting sentencing on September 9.

What DA Bragg Said

District Attorney Alvin Bragg said it directly: "New Yorkers trusted Juan Valoy to rent them apartments. He broke that trust by pocketing their money, leaving them without homes."

Bragg also pointed to the bigger picture: "Manhattan is facing a housing crisis, and we will prosecute those who exploit it for their own advantage."

Why Your Agent's License Actually Matters

This is why who you work with matters more than any other decision in a real estate transaction.

A license is not just a piece of paper. It is accountability. It is a background check. It is someone whose livelihood depends on doing right by you. When you work with a licensed agent or broker, you have recourse. You can file a complaint. You can reach a regulatory body. You can hold them accountable.

When you work with someone like Juan Valoy, you have nothing. He took their money and disappeared.

If you are thinking about getting into real estate, here is what it actually takes to get licensed and start the right way. And if you are wondering whether the cost of becoming a REALTOR is worth it, the answer is yes, and cases like this are exactly why.

How To Protect Yourself

Before you sign anything or hand over a single dollar in a real estate transaction, verify your agent or broker.

Check their license at NAR.realtor or your state's real estate commission website. In Texas, that is TREC.texas.gov. In New York, it is the Department of State's license search portal.

Ask for their license number. Look it up. Make sure it is active. Make sure there are no disciplinary actions on record.

If someone is showing you apartments but cannot produce a license number, walk away. That is not a shortcut. That is a red flag.

The Bigger Problem

The real estate industry has a trust problem. When a guy can go to prison for defrauding renters, get out, and do it again, the system failed somewhere. NAR has had its own issues with accountability and public trust, and every story like this chips away at what people think of when they hear "real estate agent."

That is why I chose to build with a brokerage that holds me to a real standard. I left eXp and moved to REAL because the structure, oversight, and culture mattered to me. Not just for my business, but for every client who trusts me with the biggest financial decision of their life.

What You Should Take From This

23 people lost a combined $105,000 because they trusted someone who looked the part but had no accountability behind it.

Share this with someone you know who is renting or buying. Make sure they verify their agent before they hand over a single dollar.

Because the cost of working with the wrong person is not just money. It is your home. Your security. Your family's stability. And in some cases, your identity.

Don't let the next victim be someone you know.