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Los Angeles Man Sentenced to 14 Years for Elder Fraud Scheme
LOS ANGELES, California – In a significant blow to elder fraud in the United States, Paul Ricky Mata, 59, a former Upland-based financial advisor, has been sentenced to 14 years in federal prison for committing a real estate investment scam that caused his clients – many of them elderly people who had invested their retirement savings – to lose more than $12 million.
Mata’s sentencing comes after a federal jury found him guilty on June 15, 2023, of criminal charges related to the scam. His conviction marked a major victory for the U.S. Attorney’s Office in Los Angeles, which has been working tirelessly to protect older adults from financial exploitation.
The scam, which perpetrated by Mata and his associates, targeted vulnerable seniors in the Los Angeles area, convincing them to invest in real estate ventures that promised high returns but delivered nothing but financial losses. The scheme caused significant financial harm to the victims, many of whom lost their life savings as a result.
‘We are committed to holding accountable those who prey on our most vulnerable citizens,’ said United States Attorney Martin Estrada. ‘This conviction sends a clear message that elder financial exploitation will not be tolerated in our community.’
The U.S. Attorney’s Office has been working with law enforcement agencies to disrupt and dismantle elder fraud schemes, including the Transnational Elder Fraud Strike Force, which was established to combat sophisticated fraud schemes that target or disproportionately impact older adults.
The strike force has been successful in bringing cases against some of the largest and most harmful global elder fraud schemes, working with foreign law enforcement to disrupt criminal enterprises, disable their infrastructure, and bring perpetrators to justice.
Key Facts
- State: California
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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