Latest News from News 3

Las Vegas News | Weather | Sports | Traffic - MyNews3

Southern Californian pleads guilty in $7M scam

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 8/27 9:41 pm

SAN DIEGO (AP) — A Southern California man has pleaded guilty to helping bilk investors out of nearly $7 million through a Ponzi scheme.

Federal prosecutors say William Ison entered the plea to a conspiracy charge Wednesday in San Diego federal court and faces up to five years in prison.

Authorities say Ison acknowledged helping Douglas Ellingson solicit investors for various businesses. In seminars around the country, Ison claimed the money would be safe because it was backed by Ison's multibillion-dollar mining company in Newport Beach. He also claimed to have raised billions for charity.

Authorities say in fact, the company hadn't done any mining and some investors were paid with money received from other investors — a classic Ponzi scheme.

Ellingson and two other men previously pleaded guilty.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share

Slideshows

Popular Right Now:
Poll


All content © Copyright 2014 Intermountain West Communications Company. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service
You may also view our Sitemap.

FCC assistance for any person with disabilities can be provided by contacting us at publicfilehelp@mynews3.com

KSNV Profile & Public Inspection Files

2014 NBCUniversal Media, LLC. All rights reserved. Portions by Broadcast Interactive Media

FOLLOW US!


Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.