A former 70-year-old Hillsborough resident was arrested and charged with wire fraud, mail fraud and money laundering for allegedly running a real estate Ponzi scheme, federal prosecutors in San Francisco announced Friday.
Michael James Frew allegedly defrauded individuals beginning in 2010, telling numerous victims that he would invest their money into real estate in the United States and abroad, according to prosecutors.
Instead, he allegedly used the money to finance his personal lifestyle, speculate on the stock market and repay other victims a portion of their investments.
The scheme involved allegedly convincing victims to wire money for real estate investments in areas that had recently been under distress due to natural disasters, according to prosecutors. Frew allegedly received over $380,000 from one couple who he promised a 10 percent return on investment, then used it for personal finances.
Frew was arrested in Beatty, Nevada and arraigned in U.S. District Court in Las Vegas, Nevada, for two counts each of wire fraud, mail fraud and money laundering on July 26.
He faces a maximum sentence of 20 years for each count of wire fraud and mail fraud and 10 years for each count of money laundering, according to prosecutors. He also faces up to $250,000 in fines and additional restitution for the victims.
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CA Is Burning said:
CA Is Burning said:
Too bad democrats are allowed to vote
Rick Bonilla said:
This is the second time you have hit the nail one the head in as many days! Thank you
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