Sentencing is set for December 6th 2021 for 57 year old Paul Mata of Oceanside who made lots of money ripping off investors in Riverside County.
He has pleaded guilty to 17 federal counts of mail and wire fraud while he worked as a financial adviser in Upland from 2008 to 2015.
Previous to this case, he was targeted in a civil suit by the U-S Securities and Exchange Commission.
He lured in customers by offering solid returns as high as 10% in investments in tax liens and deed certificates and undervalued real estate.
But the U S Attorney’s Office found he never did pay out those 10% returns. Instead he spend his customers money on himself, buying cars and a home and filling up his bank account.
He once worked for Ameriprise Financial before being terminated by that company in 2009. A fact he never told his unsuspecting clients.
Business Man Displaying a Spread of Cash over a green vintage background.
Photo by Alpha Media USA Portland OR