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California Real Estate CEO to Repay $26 Million Under Plea Deal

Dec. 18, 2020, 12:26 AM

The former CEO of real estate firm Professional Financial Investors Inc. admitted Wednesday to taking part in a $26 million scheme to defraud people who invested in the Northern California company, federal prosecutors announced.

Lewis Wallach, who was charged Sept. 29 with wire fraud and conspiracy to commit wire fraud, pleaded guilty to both counts and agreed to pay restitution of no less than $26.7 million, prosecutors said. Wallach admitted that he and the company’s deceased founder lied about regular interest and distribution payments being made from income on properties, according to the U.S. Attorney’s Office for the Northern District ...