Former Westview High coach accused of running scam - San Diego, California News Station - KFMB Channel 8 - cbs8.com

Former Westview High coach accused of running scam

Posted: Updated:

SAN DIEGO (CBS 8) - A former San Diego high school basketball coach is in big trouble with the law.

Former Westview High School varsity girls basketball assistant coach Rudy Villareal, 42, is accused of ripping off investors. He's been indicted on felony counts for wire fraud and conspiracy to commit wire fraud stemming a 2008 alleged financial investment scheme with two others.

Rancho Penasquitos resident Hamid Badiozamani is still waiting for Villareal to repay him $10,000, which he was supposed to invest for him in 2011.

"He runs a fund basically where you invest money with him, and he invests it for you, and you're supposed to have your money in there for at least a year," Badiozamani said.

After the software engineer didn't get paid back when promised, he filed a small claims suit against Villareal and won, but still hasn't seen a dime.

"The months come and go and the excuses start showing up. We keep contacting him and he says unfortunately the funds are frozen, that the government has placed a hold on it," Badiozamani said.

Conspiracy allegations say Villareal and his associates "would seek to induce and did induce persons to invest funds in Wealth Defense Group and Lincoln Capital Holdings," and that "…Investors could earn a profit by investing in a humanitarian fund," and "…Investments were risk-free and guaranteed to pay interest."

The indictment also says the defendant "converted to personal use and benefit a substantial portion of the funds received from investment schemes."

The documents also show that all three defendants were involved in a July 14, 2008 wire transfer from Wells Fargo Bank to Bank of America for $250,000.

News 8 stopped by Rudy Villareal's Sabre Springs townhome, but no one answered to door knocks or the door bell. We also left a not for him, but he hasn't called.

Badiozamani would love to have the chance to speak to Villareal to get some real answers as to why he's never been repaid.

"I would tell (Villareal) to stop what you're doing, to stop committing fraud, to stop doing these Ponzi schemes and come clean and return people's money," he said.

Villareal is scheduled to be formally arraigned on Friday.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and Midwest Television, Inc. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.