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15 people accused of defrauding 30 elderly Californians of $5 million in retirement funds


15 people accused of defrauding 30 elderly Californians of $5 million in retirement funds
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On Friday, California Attorney General Rob Bonta announced charges against 15 people for allegedly conspiring to defraud at least 30 elderly victims out of their retirement savings.
The international Ponzi scheme mainly targeted elderly Filipino residents of Stockton and Sacramento. It aimed to solicit millions in investments for the construction of a resort in the Philippines called the Pagudpud Sands Resort, officials said.
Since 2015, the defendants used their positions as financial advisors to convince the victims to invest in PSR, according to a press release from Bonta’s office. The accused lied during group sales presentations, falsely claiming that Wyndham Resorts had committed to managing PSR and telling investors that their money would go toward the construction of the resort, officials said. ....

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