Headline: Ex-Advisor Paul Ricky Mata Hit with $14.5M Real Estate Fraud Charge
RIVERSIDE, California – A former financial advisor with a long history of disciplinary issues was arrested on federal fraud charges for orchestrating a $14.5 million real estate scam, authorities reported.
Paul Ricky Mata, 56, who resided in Upland before moving to Oceanside, is scheduled for arraignment this afternoon in Riverside’s United States District Court.
Mata stands accused in a 17-count indictment of mail fraud, wire fraud, and making false statements in bankruptcy proceedings. If convicted on all counts, he could face up to 295 years in federal prison.
The indictment alleges that from August 2008 to September 2015, Mata lured victims into investing in his businesses, including Secured Capital, Logos Real Estate, and other ventures. He failed to disclose his disciplinary history, including termination from Ameriprise Financial Services for policy violations, the court documents claim.
According to the charges, Mata guaranteed investors high annual returns through Secured Capital when in reality, the investments were fraught with risks and no profit was made since 2011. Instead of investing the money as promised, he allegedly used it for personal expenses, including a down payment on a home in Upland.
Mata also faces charges for making false statements on bankruptcy documents and fraudulently concealing assets from creditors.
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Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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