California Department of Justice v. Defendant

15 individuals allegedly conspired to defraud at least 30 known victims out of their retirement savings through an international Ponzi scheme. According to CA-AG, the fraudulent scheme aimed to solicit millions in investments for the construction of a resort in the Philippines called the Pagudpud Sands Resort (PSR). The defendants are being charged with grand theft, financial elder abuse, sale of unqualified security, communications containing untrue statements and omissions of material facts, and use of a device, scheme, or artifice to defraud in the offer, purchase, or sale of a security.

Summary generated from official California Attorney General press release