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A Carlsbad man who ran a Ponzi scheme that defrauded dozens of investors out of millions was sentenced Monday to more than seven years in federal prison. ....
Richard Lee Ramirez was indicted by a grand jury in 2022 for taking money investors gave him for his company JMJ Capital Group and spending it on personal items such as "luxury cars, travel, potential real-estate transactions" and more. ....
Richard Lee Ramirez, who prosecutors say spent investor funds on luxury cars and travel, was ordered to pay nearly $5.5 million in restitution to the victims ....
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