Aldo Joseph Baccala, Petaluma, California, who ran a Ponzi scheme that defrauded victims more than $17 million, was sentenced to 20 years in state prison and ordered to pay a fine of $6.4 million at a hearing in Sonoma County, California.
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Rodney Walker, 44, Atlanta, Georgia, pleaded guilty before U.S. District Court Judge Richard J. Arcara, to wire fraud for his role in a scam whereby the defendant promised a standby letter of credit, which he could monetize into $100 million in loans.
Marvin Solis, 30, Richmond, California, was sentenced on June 11, 2014, to 27 months in prison and ordered to pay restitution for a real estate investment fraud scheme he perpetrated against his relatives.
Mervyn A. Phelan, Sr., 74, Newport Beach, California, and Gregory E. Grantham, 56, Oceanside, California, pleaded guilty to conspiracy, wire fraud and obstruction of justice for their roles in a real estate fraud scheme whereby private money lenders and investors were persuaded to deposit funds into escrow accounts, which were later pillaged by the conspirators.
Keith Anthony, 46, Elmont, New York, the former President and owner of a company that purported to provide financing for home purchases to people with poor credit, and a former employee of the company, Anthony Podias, 39, Levittown, New York, have been indicted for their alleged participation in a scheme that victimized more than 100 financially struggling people across the country.
Renee Goodman, Ozark, Missouri, and her investment company, Investment Midwest, have been shut down due to false promises concerning, among other things, that investor funds would be used for an ownership stake in a new home being built in Branson, Missouri.
Martin A. Pool, 44, Atlanta, Georgia, and Armand R. Franquelin, 57, Liberty, Utah, pleaded guilty to securities fraud and money laundering in U.S. District Court in Salt Lake City, Utah. The defendants admitted persuading investors to direct funds to their company, The Elva Group, in return for promissory notes with a promise of monthly interest payments at annual rates between 8 percent and 20 percent.
Joseph Del Valle, 59, Aventura, Florida, an owner and partner of various investment companies, including Vanquish Acquisition Partners LLC and PM Capital Management LLC, which were based in Manhattan, New York, surrendered on charges of wire fraud and wire fraud conspiracy for operating a fraudulent scheme related to a Florida real estate development project.
Randy Poulson, 42, Woolwich Township, New Jersey, the owner and operator of Equity Capital Investments LLC, is charged with allegedly scamming distressed homeowners into giving him their houses and then soliciting fake real estate investments from private investors, secured by those same properties, that netted him more than $3 million in illicit profits.
Kelly Gearhart, 53, Wadsworth, Ohio, a real estate developer, pleaded guilty to federal fraud and money laundering charges for bilking investors who put money into real estate projects. Gearhart told told investors that their investments—which he called loans and promised would be paid back with interest—were secured by specific lots when in fact they were not.