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THURSDAY, NOVEMBER 26, 2009
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PREMIUM NEWS ARCHIVE

FOUR CHARGED IN PONZI SCHEME ANTELOPE VALLEY VICTIMS MAY NUMBER IN HUNDREDS.(News)

Article from: Daily News (Los Angeles, CA) Article date: April 15, 2007

Byline: KAREN MAESHIRO

Staff Writer

LANCASTER -- Four people, one a Palmdale man, have been charged with defrauding Antelope Valley investors and others through a classic Ponzi scheme in which money from new investors was used to pay off older ones.

The victims are said to number in the hundreds, and the the loss is more than $2 million, though Los Angeles County Sheriff's Department investigators say it could be as high as $9 million.

"This was a fraudulent investment scheme where people were induced to invest ...

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