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SOUTHERN CALIFORNIA
California man gets 14 years for Ponzi scheme
Posted: Jul 10, 2012 9:22 AM by Associated Press
RIVERSIDE, Calif. (AP) - A Southern California man has been sentenced to 14 years in prison for his role in a Ponzi scheme that fleeced $16 million for hundreds of investors.
A federal judge in Riverside on Monday also ordered 73-year-old David Lincoln Johnson to pay restitution.
The Loma Linda man was convicted last year on 14 counts of mail fraud.
Johnson was the last of the three defendants sentenced in the case.
Prosecutors say 52-year-old Christiano Kawika Hashimoto Jr. operated Financial Solutions and he told investors that their money would be invested in other firms, including Johnson's Gentech Fabrication.
Investors were told Gentech had a government construction contracts and they were promised up to a 20 percent return within a month.
The third defendant was 44-year-old Catherine Lipscomb.
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