Men who ran $11M California funding scam sentenced
Three men who ran an $11 million investment scheme that bilked elderly Californians are going to prisonJanuary 4, 2020, 2:39 AM1 min readSACRAMENTO, Calif. — Three men who ran an $11 million investment scheme that bilked elderly Californians are going to prison. James Litzinger, Gregory Chapman and Wallace Thomas were sentenced to state prison sentences…
Three men who ran an $11 million funding diagram that bilked elderly Californians are going to penal complex
January 4, 2020, 2: 39 AM
1 min be taught
SACRAMENTO, Calif. —
Three men who ran an $11 million funding diagram that bilked elderly Californians are going to penal complex.
James Litzinger, Gregory Chapman and Wallace Thomas had been sentenced to divulge penal complex sentences ranging from three to 30 years, the California attorney standard’s place of work announced Friday.
A fourth man, Rogel Patawaran, died while awaiting sentencing, authorities acknowledged.
Prosecutors acknowledged the boys ran a company referred to as Authotecq that over 9 years bought extra than $11 million in unregistered securities, primarily to elderly merchants. The corporate claimed to be constructing an net banking system.
“Nevertheless, the defendants did minute to type a product and as an quite diverse lined their very own pockets with thousands and thousands of bucks in merchants’ money. Investors never obtained any returns on their investments,” consistent with an announcement from the attorney standard’s place of work.
They spent money on “”superb eating, a pair of vehicles, rent, and cigars,” prosecutors acknowledged.
Litzinger used to be sentenced Thursday to eight years in penal complex. Chapman, who used to be convicted of gargantuan theft and securities fraud, used to be earlier sentenced to 30 years. Thomas, who pleaded responsible sooner than trial, used to be sentenced last month to a pair years, prosecutors acknowledged.
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