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.
A body found floating in the ocean about 2 1/2 miles off the coast of Mission Beach has been identified Monday, according to San Diego police.
A pedestrian suffered major injuries Monday when she was struck by a car while crossing a street in the El Cerrito area, police said.
Strong and gusty Santa Ana winds, low humidity levels and high temperatures prompted the National Weather Service to issue a red flag fire warning Monday in San Diego County.
A man led police on a short car chase and barricaded himself in a Mission Bay motel before officers were able to arrest him Sunday.
Authorities were searching for a suspect on Sunday following an attempted sexual assault in Little Italy.
For years, there have been reports of Sears death spiraling toward the corporate graveyard alongside other popular brick-and-mortar retailers.
Temperatures Monday are warm, above average for the coast but below average at the desert. Santa Ana wind event will produce low humidity and gusty winds.
Bike riders, scooter users and pedestrians -- and bad drivers -- in Mission Beach and Pacific Beach will be targeted for safety enforcement by San Diego police Sunday.
Just a few days ago thunderstorms rolled through San Diego bringing measurable rain to the county for the first time in months. But things are about to change as strong Santa Anas are headed our way.
An overflowing sewage line in Del Mar prompted authorities to warn visitors to stay out of the water at a section of the city's shoreline Sunday.