California Man Pleads Guilty in $80 Million Ponzi Scheme
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A California man pleaded guilty to operating a Ponzi scheme that took more than $80 million from 300 investors, many of whom he met at his church, federal prosecutors said.
Anthony Vassallo, 33, of Folsom, California, and others ran Equity Investment Management & Trading Inc., a fund that purported to use a computer program designed by Vassallo to time the stock market and produce an almost risk-free annual return of 36 percent, according to a statement by U.S. Attorney Benjamin Wagner in Sacramento.