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.
A local war hero is about to be laid to rest. Retired Navy Captain James "Duffy" Hutton spent years of his service as a prisoner of war in Vietnam before he settled down here in San Diego.
Sunday marked day two of the government shutdown - and with the work week beginning Monday - thousands of employees may not go back to work.
Temperatures are expected to rise slightly on Sunday, according to the National Weather Service, but will remain cooler than normal.
A motorcyclist was suspected of drunken driving after causing a late-night car crash in Pacific Beach, police said Sunday, and hours later, a second crash occurred in the intersection while police were still investigating.
The San Diego County Planning Commission voted 6-1 last week to recommend that the County’s Board of Supervisors approve the County’s revised Climate Action Plan, with some modifications.
John Coleman, a long-serving San Diego weatherman and founder of The Weather Channel, has died at the age of 83.
Several dogs were taken into the custody of San Diego County and put down, after a Lomita woman reported that her six dogs were attacked and some killed by a group of pit bulls.
Thousands of people marched through downtown San Diego and San Marcos in the second annual Women's March Saturday. The San Diego event began at 10 a.m. at the downtown Waterfront Park on Pacific Highway, while the North County event began at 11 a.m. at Palomar College.
Thousands of people marched through downtown San Diego and San Marcos in the second annual Women's March Saturday. The San Diego event began at 10 a.m. at the downtown Waterfront Park on Pacific Highway, while the North County event began at 11 a.m. at Palomar College. The two marches were held in conjunction with other marches across the country.
The federal government shut down at the stroke of midnight Friday, which prompted the closure of many federal operations, such as national parks and monuments and that included the shutdown of Cabrillo National Monument.