SACRAMENTO, Calif. — Three California men were charged with conducting a fake fraud scheme that defrauded investors across the planet from over $10 million, police said Thursday.
As soon as the investments came, “that the defendants would supposedly dismiss emails and calls or inform several lies, such as that flaws were being caused by the COVID-19 pandemic,” the announcement said.
Prosecutors said over 70 people lost thousands of bucks each. The sufferers came from across the world, such as the USA, Canada, Germany, England, and Italy.
The three men were charged Wednesday with 32 felonies, such as running a fraudulent securities strategy, grand theft, and investment fraud.
It was not immediately clear if they had got lawyers.
“It requires a specific type of callousness to rob people of their life’s savings by promoting them a false expectation,” Attorney General Xavier Becerra stated in the announcement. “That is the type of fraud that the defendants, in this case, have supposedly committed. We are discussing as much cash as some households make in a whole year gone in only an instant.”
“Unfortunately, such scams are not new. If it appears too good to be true, then it likely is,” he explained.