SAN DIEGO (AP) - A Southern California man has pleaded guilty to running a $5 million Ponzi scheme that carries up to a 20-year prison sentence.
John Clement of Encinitas pleaded guilty Thursday to one count of wire fraud and was set to be sentenced Dec. 20.
The 65-year-old is accused of falsely promising 1½ to 2 percent returns every month for his hedge fund investors with little or no risk.
The North County Times reported Friday that Clement was using money he received from new investors to pay off older ones. At least 22 people fell for the scam.
In May, a judge froze Clement's assets after federal investigators found evidence his Ponzi scheme was collapsing.
Copyright 2011 The Associated Press.
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.
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.
Chilly temperatures and scattered showers started the weekend. Temperatures at the coast and inland communities hovered around 60 degrees with some areas of San Diego County receiving rain during the morning hours.
A transient accused of fatally stabbing a man after they got into an argument near a 7-Eleven store in Poway pleaded not guilty Friday to a murder charge.
Coastal rail closures could complicate the commute for the thousands of people expected at Women's Marches set for downtown San Diego and San Marcos Saturday, though additional transit options are being made available.
A man arrested in the doctor's lounge at Sharp Grossmont Hospital in La Mesa after claiming to be an anesthesiologist pleaded not guilty Friday to a felony charge of treating the sick without a certificate.
People who bought new homes in Otay Ranch's Village of Escaya can start moving in Friday - later than planned but after the developer took steps to address methane found at the site.
Recent assaults by tactical teams on prototypes of President Donald Trump’s proposed wall with Mexico found their imposing heights should stop border crossers, The Associated Press has learned, a finding that’s likely to please security hawks but raise concerns about costs and environmental damage.
Two of the region's largest federal enterprises, military bases and border patrol, are unlikely to face major disruptions in the event of a looming government shutdown that experts say likely is to occur at midnight.