- Associated Press - Monday, February 29, 2016

SANTA ANA, Calif. (AP) - A Southern California real estate tycoon who was convicted of bilking investors out of $169 million has been sentenced to 14 years in prison.

A judge also ordered Michael J. Stewart, 68, of San Clemente to pay more than $9 million in restitution.

Stewart was convicted last August of 11 counts of mail fraud. He was sentenced Monday.

Authorities say he and a partner formed now-defunct Pacific Property Assets in 1999 to purchase, renovate and resell or refinance apartment buildings in California and Arizona.

Authorities say when the Great Recession devastated the real estate market he turned the company into a Ponzi scheme.

PPA co-owner John Packard pleaded guilty to one count of mail fraud in 2014 and cooperated with authorities.

He is to be sentenced March 28.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide