Man who bilked $100M from investors flees California prison

Authorities say a Washington state man who bilked buyers out of greater than $one hundred million in a Ponzi scheme has escaped from a federal jail in central California.

Based on The Seattle Occasions, jail officers say fifty five-yr-previous Frederick Berg was found lacking Wednesday from a minimal-safety work camp subsequent to a penitentiary in Atwater, California.

Berg in 2012 was sentenced to 18 years in after pleading responsible to wire fraud, cash laundering and chapter fraud.

Prosecutors have that Berg used investor funds from his firm, Meridian Group, to purchase Lear jets, yachts and million-greenback houses.

They stated he used greater than $one hundred million from over 800 buyers to maintain his funding fraud scheme going.

Berg was arrested in 2010 in Los Angeles.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *