Home Scam/Fraud California attorney general Rob Bonta says $5 million Ponzi scam bilked older...

California attorney general Rob Bonta says $5 million Ponzi scam bilked older Filipinos

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SACRAMENTO, Calif. — California’s attorney general on Friday charged 15 people with conspiring to defraud mostly elderly victims of Filipino descent out of a combined $5 million.

They’re accused of bilking at least 30 victims mostly in the Sacramento and Stockton areas through what Attorney General Rob Bonta alleged was an international Ponzi scheme framed around the construction of the Pagudpud Sands Resort.

Bonta said the resort in the Philippines hasn’t opened or produced any income. His office could not immediately say if any of those charged have defense attorneys.

Prosecutors allege that the defendants have…

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