Special agents of the FBI arrested two owners of a now-defunct Southern California real estate investment company who were charged with perpetrating a fraud scheme that caused private investors and banks to lose a total of more than $110 million, the U.S. Attorney in Los Angeles announced in a Feb. 5 statement (U.S. v. Stewart).
According to a 16-count indictment handed down in January by a federal grand jury, Michael Stewart and John Packard allegedly ran a Ponzi scheme, using millions of dollars raised from banks and private investors, purportedly for new property purchases, to instead pay off ...
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