Feb 5, 2014
FBI arrests two in California charged with running ponzi scheme
$110M was lost in an apparent ponzi scheme that authorities say was run by two owners of a real estate investment firm, Pacific Property Assets, in Southern California. John Packard and Michael Stewart face eleven felony charges, including multiple counts of both bank and bankruptcy fraud. If found guilty on all charges, the pair face up to 320 years in prison and millions of dollars in fines. source