Thursday, September 30, 2010

Downey man charged in Ponzi scheme - Press-Telegram

Downey man charged in Ponzi scheme - Press-Telegram

LOS ANGELES - A Downey man was charged with operating a Ponzi scheme that conned about $11 million from hundreds of victims and a mortgage scam that preyed on Latino homeowners, federal prosecutors announced Thursday.

Juan Rangel, 46, who is already in federal prison awaiting sentencing for a 2009 conviction for bribing a bank manager at Bank of America, was charged in a 16-count indictment returned last week by a Los Angeles federal grand jury.

The indictment alleges that Rangel and his Commerce-based company, Financial Plus Investments, recruited new investors through Spanish-language newspapers, magazines, radio spots and infomercials.

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