Sacramento, CA – The Associated Press reports seven people have been arrested and charged with playing a role in a multi-million dollar ponzi scam targeting people in California.
Federal Prosecutors say the series of Ponzi and mortgage scams based in California took in $17 million dollars for the thieves.
Authorities broke up the ring today by arresting seven people including 55-year-old Lawrence Loomis of Granite Bay, California and Loomis’ 76-year-old father-in-law. All seven are behind bars charged with mail and wire fraud.
Authorities say it will be unlikely the thousands of victims throughout the state will get their money back.
This post was last modified on 09/14/2012 7:02 pm
Sacramento, CA – The Associated Press reports seven people have been arrested and charged with playing a role in a multi-million dollar ponzi scam targeting people in California.
Federal Prosecutors say the series of Ponzi and mortgage scams based in California took in $17 million dollars for the thieves.
Authorities broke up the ring today by arresting seven people including 55-year-old Lawrence Loomis of Granite Bay, California and Loomis’ 76-year-old father-in-law. All seven are behind bars charged with mail and wire fraud.
Authorities say it will be unlikely the thousands of victims throughout the state will get their money back.
Written by Tracey Petersen.
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