Criminal
Nov. 8, 2014
Man pleads guilty to bilking investors in $110 million scheme
A Long Beach man pleaded guilty Thursday to federal charges stemming from a Ponzi scheme that defrauded investors and banks out of more than $110 million.
By Henry Meier
Daily Journal Staff Writer
A Long Beach man pleaded guilty Thursday to federal charges stemming from a Ponzi scheme that defrauded investors and banks out of more than $110 million.
John Packard admitted at a hearing in front of U.S. District Judge Cormac J. Carney in Santa Ana that he helped bilk investors as part of a real estate scheme gone sour.
Packard and his business partner, co-defendant Michael Stewart of Phoenix, started their busin...
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