Disgraced real estate mogul Ken Mattson is set to plead guilty to at least one count of federal wire fraud following his arrest last year.
The PresProsecutors allege Mattson orchestrated a massive Ponzi scheme, siphoning over $100 million from hundreds of small-scale investors to fund a secretive personal account. The deal, discussed Friday in an Oakland federal court, could carry a maximum sentence of 20 years and include financial restitution for victims.
While some investors expressed relief at the potential resolution, others worry a single-count plea may not reflect the full scale of the premeditated crimes. A judge will decide whether to accept the deal at a hearing on May 11th.
Meanwhile, bankruptcy proceedings continue for Mattson’s former companies as his vast portfolio of Sonoma properties remains in limbo.
