Sacramento, California (AP) —The Attorney General of California charged 15 people on Friday for defrauding elderly victims of Filipino descent for a total of $ 5 million.
They claimed at least 30 casualties, primarily in the Sacramento and Stockton areas, after Attorney General Rob Bonta claimed to be an international Ponzi scheme centered around the construction of the Pagudpud Sands Resort. Has been accused of.
According to Bonta, the resort in the Philippines is not open and does not earn any income. His office could not immediately tell if any of the indicted had a defense lawyer.
The prosecution alleges that the defendant lied to potential investors in a group sales presentation from late 2015 to encourage investment.
One 83-year-old has been accused of investing $ 230,000 and another accused of investing tens of thousands of dollars. An 84-year-old woman has invested $ 500,000.
According to the prosecutor, the perpetrator mistakenly stated that a well-known major hotel company had agreed to manage the resort. Victims were paid “interest” on investments actually derived from the investments of other victims, not the resort itself.
Instead of funding the resort, prosecutors say most of the money was spent paying at least $ 10,000 a month to two of the defendants. Thousands of dollars were also spent on commissions for people who brought in additional investors and other unrelated marketing plans, the charges say.
The 98 individual charges filed in the Sacramento County High Court included communications including large-scale theft, elder abuse, sale of unqualified securities, securities fraud, false statements and lack of material facts. I will.