SACRAMENTO, Calif. —
California’s attorney general has charged 15 people with conspiring to defraud mostly elderly victims of Filipino descent out of a combined $5 million.
They’re accused of bilking at least 30 victims mostly in the Sacramento and Stockton areas.
Attorney General Rob Bonta said Friday that it was an international Ponzi scheme framed around the construction of a resort in the Philippines that hasn’t opened or produced any income. His office could not immediately say if any of those charged have defense attorneys.
“Senior citizens were the direct targets of this fraudulent, international investment scheme," Bonta said in a written statement. "Our most vulnerable loved ones should never be deceived and defrauded of their hard-earned retirement money.”
Those who orchestrated the Ponzi scheme used their positions as financial advisers to convince their victims that they were investing in the resort, Bonta said.
The charges say one 83-year-old invested $230,000 while others invested tens of thousands of dollars. An 84-year-old woman put in $500,000.
The accused are facing felony charges including grand theft, financial elder abuse, sale of unqualified security, communications containing untrue statements.
California Department of Justice officials is asking anyone who thinks they were affected to call 800-722-0432.
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