"Sonoma County developer Kenneth Mattson, who was arrested by the feds in May and charged with a sweeping range of fraudulent real estate deals. Mattson had purchased nearly 90 properties across wine country, but his federal indictment called his real estate empire a a classic Ponzi scheme, wherein Mattson allegedly offered and sold fake ownership interests in properties to people who never actually received the ownership interests they paid for."
"They discovered that one property was purchased in partnership with an investment company amusingly named Tony's Salami & Cheese Fund I. Perhaps less amusingly, that company just happens to share the exact same Sacramento address as a lender known as Socotra Capital. And as the Press Democrat reports, this is raising questions about the degree to which Socotra Capital was aware of Mattson's alleged Ponzi scheming."
Kenneth Mattson, a Sonoma County developer, was arrested by federal authorities in May and charged with extensive real estate fraud. He purchased nearly 90 properties and is accused of running a Ponzi scheme by selling fake ownership interests to nearly 200 investors who never received title. Most investors were older retirees recruited at church groups, and Mattson and his wife were known anti-LGBTQ activists. Bankruptcy and property records link one purchase to Tony's Salami & Cheese Fund I, which shares a Sacramento address with lender Socotra Capital. Socotra made at least 92 loans to KS Mattson Partners and holds deeds of trust on 75 properties now being liquidated.
Read at sfist.com
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