Trial of real estate agent charged with running Ponzi scheme moving forward

A Petaluma, Calif. real estate agent accused of masterminding a $20 million Ponzi scheme is now facing trial on 135 felony counts including grand theft, securities fraud and elder financial abuse, The Press Democrat reported.

The alleged scheme, which targeted retirees, is thought to have taken money from new investors to pay interest payments to previous ones, with some investors losing their life savings in the process.

Source: The Press Democrat