San Diegans Charged in $30M Fraud $cheme
By H. HUGHES
Updated 3:01 PM PST, Thu, Jul 9, 2009
Three men from San Diego County, under investigation by the FBI and the IRS, are now being charged in a $30 million fraud scheme.
Matthew "Beau"La Madrid,48, of Jamul; Lance La Madrid,50, of El Cajon; and Eric Montiel,52, of San Diego were charged in a 29-count indictment with conspiracy, mail fraud, wire fraud, and bank fraud in connection with their operation of the "Plus Money Premium Return Funds" and related real estate investment schemes, United States Attorney Karen P. Hewitt said Thursday.
La Madrid was also charged with money laundering and witness tampering. He was allegedly the President and General Manager of "Plus Money", an El Cajon investment group. He also operated businesses related to real estate investments including "Innovative Financial Solutions", "Real Estate Investment Group", and "E & M Property Management", according to the indictment.
Madrid was also allegedly the Assistant General Manager of "Plus Money" and the manager of "Premium Return Fund III". Eric Montiel was allegedly the Audit and Communications Officer for "Plus Money", the manager of "Premium Return Fund II", and a partner in both "REIG" and "E & M Property Management".
Between May 2004 and May 2008, "Plus Money" raked in more than $30 million from investors, held in three different pools, alleged the indictment.
In separate but related cases, U.S. Attorney Hewitt noted that five other individuals have pled guilty to federal charges stemming from their role in this scheme.
First Published: Jul 9, 2009 2:03 PM PST
You Might Like
You have 2000 characters left
