Criminal
Jan. 23, 2024
San Diego man sentenced in federal court for defrauding investors in Ponzi scheme
In his letter to U.S. District Judge Cynthia Bashant, who heard the matter, Richard Lee Ramirez said, "I would feel the same as each victim if it were done to me."
The owner of JMJ Capital Group in Carlsbad was sentenced to serve 7 1/2 years in federal prison for bilking dozens of investors out of more than $8 million in a Ponzi scheme.
"Fraud and greed don't pay unless you are in the market for a lengthy prison sentence," U.S. Attorney for the Southern District Tara McGrath said in a statement. "We hope this outcome provides some relief to the 34 victims, many of whom suffered devastating losses."
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