SAN DIEGO (CNS) - A Chula Vista man who operated a Ponzi scheme and mortgage loan fraud that cheated more than 190 people out of more than $9 million was sentenced Friday to 51 months in federal custody.
Moises Pacheco, 42, was ordered back to court Nov. 18, when a final restitution figure will be set and he will be taken into custody. He pleaded guilty in March 2010 to conspiring to commit mail fraud, wire fraud and bank fraud.
According to court documents, Pacheco raised more than $14.7 million between 2005 and 2008 from more than 150 investors by promising to use investor money to purchase stocks and generate income from the sale of "covered call" stock options.
Instead of notifying his clients that the funds were not performing well, Pacheco paid prior investors' returns with new investors' funds, prosecutors said.
Additionally, Pacheco was a principal in the Real Estate Investment Group that was used to fraudulently obtain millions of dollars from investors by falsely promising to secure real estate investments with promissory notes and recorded deeds of trust, according to court documents.
In reality, the deeds of trust were either not recorded or improperly recorded, causing victims to lose their investments when the properties purportedly securing the notes were sold or foreclosed.
San Diego State has suspended one of its fraternities, the university announced in a statement late Friday.
Gun owners had the chance to trade in unwanted firearms for gift cards or skateboards on Saturday, no questions asked, at a gun "buy back" event in southeastern San Diego.
Warm and dry conditions are expected to last through Saturday. Gusty northeast winds in the mountains and valleys are expected to increase the risk of fire danger in the region.
A blessing… That is exactly what Kelly Muno is calling what happened to her son on Friday afternoon. ...
The University of Southern California will pay $215 million in an "agreement in principle" to patients treated by Dr. George Tyndall, a campus gynecologist who has been accused of sexual assault by hundreds of women.
A San Diego Harbor Police vehicle was involved in a crash with a bicyclist early today, officers said.
We all know that San Diego is one of the greatest cities in America for craft beer, but according to a new study by Delphi Behavioral Group, residents of America's Finest City spend over $1,100 a year on alcohol.
If you want to vote in the Nov. 6 Gubernatorial General Election, you should register by Monday, Oct. 22. If you miss the deadline, you may still conditionally register and vote provisionally through Election Day but you will have to register in person at the Registrar of Voters office in Kearny Mesa.