California Man Gets 22-Year Sentence for Leading Ponzi Scheme and Mortgage Fraud Scam

Juan Rangel of Downey, Calif. has been sentenced to 22 years in federal prison for running two fraud schemes—a Ponzi scheme that took in at least $30 million from more than 500 victims, and a mortgage fraud scheme that preyed on working-class homeowners by stealing the equity from their homes and secretly taking title to their properties. Rangel, who has been in federal custody since August 2008, pleaded guilty on Oct. 27 to one count of mail fraud and one count of money laundering.Click to continue