- Associated Press - Wednesday, May 27, 2015

FRESNO, Calif. (AP) - Federal prosecutors say a former Fresno resident has pleaded guilty to mail fraud and identity theft in connection to a scam where he collected $1.25 million from government contractors and the federal government.

The U.S. Attorney’s Office said Tuesday that 57-year-old Abel Carreon is scheduled to be sentenced August 17.

Prosecutors say Carreon’s company, Tripartite Escrow Corporation, used fake collateral to secure bonds for private firms seeking contract work with the government. He was accused of pledging stock that didn’t exist as collateral.

Prosecutors say Carreon ran the scam from April 2005 to May 2011.

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