San Diego’s Mexican Network of Shell Companies and Tax Avoidance

This investigation reveals how high-profile real estate deals in San Diego serve as a gateway for Mexican businessmen to move assets across the border, often using shell companies and nominee structures to obscure ownership and avoid taxes.

By Guadalupe Lizarraga

The First Luxury Sale: “Canelo” Álvarez’s Mansion

The first luxury property that Fernando Salgado Chávez placed in San Diego, California, was sold to Mexican boxing star Saúl “Canelo” Álvarez. Salgado connected Álvarez with real estate agent César Zepe Ybarra of the firm Coldwell Banker West, and the transaction was finalized on September 27, 2019, through Canelo Promotions LLC, a Nevada-registered company established in 2018.

The estate, valued at $9 million, spans 743 square meters (8,000 square feet) and includes seven bedrooms and six bathrooms. It is located in one of San Diego’s most exclusive neighborhoods. Although “Canelo” later returned to live in Tijuana, the mansion — now valued at nearly $12 million — remains off the market.

A Profitable Partnership: From a Mansion Sale to a Web of Real Estate Deals

The success of that high-end real estate deal brought together three individuals from the U.S.-Mexico border region and linked them to a network of at least 70 property transactions over the past five years. One of those properties is tied to Baja California Governor Marina del Pilar Ávila, who publicly confirmed her connection to Fernando Salgado.

“Transactions that aren’t normal”

In an interview with Los Ángeles Press, a real estate agent based in Chula Vista, California — who requested anonymity for safety reasons — described the group as unusually active in the buying and selling of real estate through “transactions that aren’t normal” in the local market.

“Fernando Salgado is the one who brings in clients. He has all these millionaire contacts in Mexico — government officials, businesspeople, friends. He tells them they can invest here in the U.S. without paying taxes. Fimbres is in charge of setting up the legal LLCs to purchase the properties. And Zepe is the real estate agent,” the agent explained.

“In the past three years, Zepe has sold a lot of houses — a lot. Of course, some of the sales are legitimate, like the one to Canelo,” she added.

The surnames of some of Salgado’s clients listed under Fimbres’ LLCs stand out in Mexico’s business circles: Rembao, Vildósola, Hank, Huizar, Kalish, Añorve, and Topete, among others. The list also includes customs brokers, public officials — both active and former — and several physicians.

Who Is César Zepe Ybarra?

César “Zepe” Ybarra is the real estate agent handling many of the property transactions. Originally from Mexicali, he now resides in Chula Vista and has held a California real estate license since 2008 (#01850330). On social media, he promotes himself as a certified luxury property specialist affiliated with Coldwell Banker West.

His hometown gave its name to his company, De Mexicali LLC, which is registered at the same address as Gustavo Fimbres’s firm, Fimbres Consulting Group Inc. That firm, located at 805 Bowsprit Road in Chula Vista, is linked to the registration of nearly 500 shell companies and is responsible for setting up the LLCs used in these transactions — as documented in a previous report.

“Fimbres tells them how to avoid paying taxes. Fernando and Zepe split the commission illegally, because that’s not allowed — but he probably pays him in cash,” said a second real estate expert interviewed by Los Ángeles Press, who also requested anonymity out of fear of retaliation.

“Here’s how the operation works: Fimbres designs the mechanism to avoid taxes and move money from Mexico into the U.S. Some of the properties sold by Zepe Ybarra already show multiple associated accounts. If you look at the title records, you’ll see they buy at inflated prices, without making improvements, and then resell. In some cases, they even lose money. For instance, the Nathaniel property (linked to Governor Marina del Pilar) is already under contract — someone’s buying it,” she added.

The Use of Nominees Through LLCs

The scheme involves the creation of LLCs under the names of third parties. “Some are registered in California, others in Nevada. They pay between $50,000 and $100,000 to people who lend their names to appear as property owners. Yes, they are literally front men used to hide the true owners of the properties,” explained the experienced real estate agent.

However, in 2024, a new law came into effect in California requiring the disclosure of the true beneficiaries behind LLCs. “Before, that could be kept private—no one knew who was behind them. But now, it's mandatory to file a report with the real names of the owners. Anyone who owns an LLC is required to do it,” she added.

This requirement comes in the form of the Beneficial Ownership Information Report (BOIR), which must be completed by company owners. The legal guidance states:

“Corporations and limited liability companies (LLCs) that qualify as reporting companies must file a BOIR (Beneficial Ownership Information Report). This means they are required to report identifying information about the individuals who own or control the business to the U.S. government. Failure to comply may result in significant civil and criminal penalties. This new requirement applies to most business entities, unless an exemption applies.”

The deadline for submitting the form was December 31, 2024, and the official website now displays a warning: failure to comply may result in a daily fine of $591 for each day past the deadline.

How the Real Estate Scheme Behind Paper LLCs in San Diego Operates

A complex web of personal connections and legal structures allows Mexican businessmen to acquire luxury properties in California without leaving a visible trail. The accompanying infographic breaks down step by step how this scheme works, documented by Los Ángeles Press in a series investigating the cross-border real estate corridor.

The starting point is usually a Mexican businessman or official seeking to safeguard their assets in the United States. Fernando Salgado Chávez, an operator with ties on both sides of the border, connects these clients to the key players in the system. Gustavo Fimbres, through his firm Fimbres Consulting Group, Inc., creates a paper company — an LLC — registered at 805 Bowsprit Rd, Chula Vista, an address that houses more than 500 similar companies.

These LLCs act as intermediary entities that conceal the true identity of the ultimate beneficiary. Real estate agent César “Zepe” Ybarra, working under Coldwell Banker West, presents high-value properties to clients, often without a direct sale taking place.

Once acquired, the property is transferred to the LLC through a legal maneuver called an “Intrafamily Transfer & Dissolution,” which avoids tax payments and keeps the buyer’s name out of public records. According to testimonies, commissions are distributed outside the formal system, evading tax and real estate market regulations.

This pattern has been replicated across dozens of investigated properties, with links reaching public figures, doctors, politicians, and entrepreneurs. The infographic summarizes how this model has operated for years, beyond the reach of fiscal and registry transparency in the United States.

The Fimbres, Zepe, and Salgado List

On February 7, 2019, the company Capital De Inmuebles En América LLC acquired the property at 5961 La Jolla Scenic Dr S, La Jolla, CA 92037, for $3.15 million. It purchased it from Barlow Capital Investments LLC, which had acquired it in 2017 for $2.25 million from Richard A. Stanford and Doris A. Trauner.

Four years later, on October 5, 2023, two nearly simultaneous intrafamily transfers were recorded: Joe Wai Chew transferred the property to Michelle Chew, who returned it to Joe Wai Chew that same day. Both transactions were classified as “Intrafamily Transfer & Dissolution,” without a formal sale taking place. Less than two weeks after this transfer, on October 19, Joe Wai Chew sold the property again to Capital De Inmuebles En América LLC, this time for $5.325 million — the same company that had owned the property in 2019.

Another luxury residence in San Diego linked to the “Fimbres list” is located at 1761 Colgate Circle, La Jolla, California, and has seen a series of transactions reflecting significant activity in the high-end real estate market over the past fifteen years.

The history begins on June 22, 2007, with a Correction Deed between HRMR Holdings Inc. and Southern California Assets. Two years later, on July 30, 2009, HRMR Holdings Inc. sold the property to former athletes Troy and Theodora Polamalu for $4.75 million. In 2014, the Polamalus resold the house back to HRMR Holdings Inc. for a substantially lower amount: $2.5 million, less than half of the original value.

Subsequently, on June 30, 2016, HRMR Holdings Inc. sold the property to Fatih Aslanoba for $6.275 million. Aslanoba, a Turkish businessman with investments in technology and real estate, held the property for over seven years until October 31, 2023, when he transferred it to Ricardo Añorve Martínez for $7.5 million through a Grant Deed — a deed that transfers ownership with certain basic legal warranties. Almost three months later, on April 29, 2024, Añorve transferred the property to Capital De Inmuebles En América LLC under the concept of an “Intrafamily Transfer & Dissolution,” a legal mechanism that allows transfers between family members without a formal recorded sale.

Capital De Inmuebles En América LLC, established in 2018 and headquartered at 805 Bowsprit Road, Chula Vista, appears in other high-value transactions following similar schemes: acquisition by an individual, followed by immediate transfer to an LLC under a legal figure that enables tax avoidance on sales.

According to official records, the company holds a “good” standing both with the Secretary of State and the Franchise Tax Board. Its owner is the director of Grupo Sonora Grill, a restaurant chain with locations in several cities, including Mexico City.

One Property, Three Names, and a Repeated Pattern

The ownership history of the property at 475 Marsh Harbor Dr., San Diego, CA 92154, reveals a sequence of transactions involving recurring names, intrafamily transfers, and a significant increase in value in just one year. This residence has changed hands at least four times over the past two decades and displays a pattern mirrored in other deals investigated by Los Ángeles Press.

The story begins on October 3, 2001, when Rick and Toni Hyatte executed an intrafamily transfer of the property — a legal mechanism that allows property to be transferred between family members without a formal sale being recorded. One year later, on October 15, 2002, the couple sold the property to Nathan García and Marybell García for $415,000, as documented in record number 2002-0897088.

The Garcías held the property for more than two decades. However, on June 15, 2023, through real estate agent Zepe Ybarra, an unusual transaction took place: the owners transferred the property to Juan M. Topete Maldonado for $900,000. Two weeks later, on June 1 (according to the retroactive document), Topete signed a new title sharing ownership with Nathan García.

On September 30, 2024, the final sale was completed: Topete sold the residence back to Nathan and Marybell García for $985,000. In just one year, the declared value of the property rose by $85,000, despite no reported renovations. The property is currently listed for sale at $995,000.

Four Transactions in Two Years

The property located at 708 San Gabriel Pl., Chula Vista, CA 91914, has undergone numerous transactions over the past 20 years, including multiple intrafamily transfers and sales to mortgage funds. However, the activity in the last two years connects it to the real estate operator network tied to the Fimbres list.

In less than a year, the property changed hands four times, raising its value from $1,010,000 to $1,025,000 in a series of transfers marked by the involvement of family and corporate entities. On September 9, 2024, Tijuana businessman Adolfo Huizar Velásquez purchased the property from Shane Douglas for just over one million dollars. On that same day, Douglas had received it from Natache Menezes through an intrafamily transfer. Just seven months later, on April 7, 2025, Huizar transferred the property to his company, Huizar And Boys LLC, which immediately sold it to Silvia L. Rábago for $1,025,000.

These transactions represent just a fraction of a much larger network. The properties analyzed here are part of a list of at least 70 assets linked to the Fimbres, Salgado, and Zepe Ybarra network, where patterns of rapid transfers, use of nominees, family entities, and limited liability companies frequently recur. In the next installment, we will reveal more cases from this list, exposing new connections and financial flows.

If you have any additional information about this matter, please contact Guadalupe Lizarraga at glizarraga27@hotmail.com.