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.
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