A Shasta County jury returned dozens of guilty verdicts against 61-year-old James Stanely Koenig, the described mastermind of a North State Ponzi scheme which swindled an estimated $250 million from California investors.
According to the Redding Record Searchlight
, Koenig was charged with hiding critical information from his clients and prospective investors in a real estate and securities Ponzi scheme. The Record Searchlight also reported Koenig did not disclose his company’s default on loans for some properties in the company’s portfolio, an omission state prosecutors have stated Koenig used to lure fresh investment money needed to keep up payments to investors already onboard.
Koenig was placed into custody after the verdict, and will be held in Shasta County Jail until his sentencing on June 11 where he potentially faces 50 years in prison.