California man gets 14 years in prison for investment scam
LOS ANGELES (AP) — A former financial advisor who conned elderly people out of their retirement savings in a real estate investment scam was sentenced Monday to 14 years in federal prison and ordered to pay nearly $12.6 million in restitution to the victims. Paul Ricky Mata of Oceanside was sentenced Monday. Federal prosecutors say that between 2008 and 2015, Mata convinced people to invest in several businesses that promised returns on “government-backed tax liens” and distressed homes and commercial properties. He then spent the money on himself. Prosecutors say many of his victims were retirees he met in church.
