Convicted in one of the biggest Ponzi schemes Northern California has seen in years, a Redding man was slapped with a 42-year prison term last week.
James Koenig, 60, was convicted of multiple fraud charges in connection with a Ponzi scheme that bilked more than 400 investors out of $90 million. The operator of a firm called Assent Real Estate Corp., he was sentenced last Friday in Shasta Superior Court.
According to Attorney General Kamala Harris, most of Koenig's victims were Bay Area senior citizens who were investing in elder-care facilities and other commercial properties.
In classic Ponzi fashion, Koenig pulled in new investment dollars to repay earlier investors. The scheme collapsed in 2008.
Harris said Koenig didn't tell his victims that he'd already been convicted for mail fraud.
An accomplice, Gary Armitage, was given a 10-year sentence in April, according to The Associated Press.
Call The Bee's Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.