Scam Artists Heading To Prison For Bilking Elderly Californians

Three men who operated a multimillion dollar investment scheme and who bilked elderly Californians are headed to prison. The state attorney general's office announced Friday that James Litzinger, Gregory Chapman, and Wallace Thomas previously received sentences ranging from three to 30 years.  A fourth man, Rogel Patawaran, died before his sentence could be handed down.

Prosecutors say the men ran a company called Authotecq, and via that company sold more than $11 million in unregistered securities over nine year period. The men claimed to be developing an internet banking system but prosecutors say they just lined their own pockets, spending  millions on “fine dining, multiple cars, rent, and cigars."

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Scam Artists Heading To Prison For Bilking Elderly Californians