California says $5 million Ponzi scam bilked older Filipinos

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SACRAMENTO, Calif. (AP) — California’s attorney general has 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. Attorney General Rob Bonta said Friday that it was an international Ponzi scheme framed around the construction of a resort in the Philippines that hasn’t opened or produced any income. His office could not immediately say if any of those charged have defense attorneys. The charges say one 83-year-old invested $230,000 while others invested tens of thousands of dollars. An 84-year-old woman put in $500,000.

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