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John J. Packard Pleads Guilty- $110 Million Ponzi Scheme

John J. Packard Pleads Guilty- $110 Million Ponzi Scheme

John J. Packard Pleads Guilty- $110 Million Ponzi Scheme 150 150 Rex Securities Law

Long Beach, CA- John J. Packard, age 64, pleaded guilty to mail fraud in an alleged $110 million ponzi scheme involving his company Pacific Property Assets which he ran with co-defendant Michael J Stewart, age 67, of Phoenix.

The company bought and renovated, then rented and managed real estate. As property values increased they  would sell the properties. As revenues fell and salaries to Packard and Stewart increased, the company could no longer survive and filed bankruptcy in 2009.

The indictment alleges that Packard and Stewart lied about the company’s financial health to new investors and Vineyard Bank and used their money to keep the company afloat.

Packard will be sentenced in May.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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