"Ken Mattson is expected to plead guilty to at least one count of wire fraud in a case involving a massive real estate portfolio valued at over $400 million."
"The federal indictment accused Mattson of building 'a classic Ponzi scheme' involving the sale of fake ownership interests to retirees, many of whom he met through his church."
"Mattson is believed to have siphoned off around $100 million in investor funds for his own use, while his partner Timothy LeFever has not been charged with any crime."
"LeFever agreed in February to pay a $5 million settlement to help compensate victims, although it remains unclear how much victims will be compensated after banks take their share."
Ken Mattson, a Sonoma County developer, is reportedly taking a plea deal after being charged with fraud and money laundering. He is expected to plead guilty to at least one count of wire fraud involving a real estate portfolio valued over $400 million. Mattson was arrested in May 2025 amid allegations of running a Ponzi scheme that defrauded around 200 investors. He allegedly siphoned off $100 million for personal use, while his partner Timothy LeFever has not been charged but agreed to a settlement to compensate victims.
Read at sfist.com
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