California Attorney General Rob Bonta Friday announced indictments against 15 people accused of bilking mostly elderly Filipino victims.
The defendants are charged with defrauding at least 30 backers into investing money for the construction of the Pagudpud Sands Resort (PSR) in the Philippines.
Prosecutors charge the defendants actually used the investors’ money to pay two of the defendants $10,000 a month and commissions to others.
The resort remains unbuilt.
“Senior citizens were the direct targets of this fraudulent, international investment scheme. Our most vulnerable loved ones should never be deceived and defrauded of their hard-earned retirement money,” said Bonta. “Those who take part in the financial abuse of elders must be held accountable for their actions.”
The 15 face charges of grand theft, financial elder abuse, and sale of unqualified securities.
State investigators say the defendants made the false claim that Wyndham Resorts would manage the company. They also failed to pay most investors the promised interest payments. Authorities say when interest was paid, it came from not their investment, but from other victims’ money.
The California Department of Justice believes there may be other victims and urges those defrauded to call their office at (800) 722-0432.
Copies of the complaints are available here and here.
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