California Real Estate Investor Pleads Guilty in Connection to Running a Ponzi Scheme
From the Desk of Jim Eccleston at Eccleston Law LLC:
Seth Adam Depiano, of Clovis, California has pleaded guilty to mail fraud, wire fraud, and money laundering in connection with operating a $24 million Ponzi scheme.
More specifically, according to a complaint filed by the U.S. Attorney’s office, Mr. Depiano solicited individuals to invest in
However, Mr. Depiano misled investors by either misrepresenting the properties’ ownership or that he even had authority to purchase or sell the real estate in the first place. In fact, some of the properties marketed by Mr. Depiano did not even exist.
Furthermore, instead of investing the funds as promised, Mr. Depiano frequently used the investors’ monies to pay his personal expenses. Mr. Depiano paid investors with
Mr. Depiano, who admitted to defrauding approximately 28 investors, also agreed to forfeit the money seized from several of his bank accounts.
Eccleston Law is investigating this Ponzi scheme. Those with information should contact our law firm.
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