I was defrauded by Elk Grove resident Christopher Jackson’s Ponzi real estate scam. Is there any current news on trials or settlements or anything?
– Justin, Sacramento
According to federal court online records, Christopher Jackson and four co-defendants are scheduled for trial Jan. 13 in U.S. District Court in Sacramento.
A trial confirmation hearing for Jackson, Michael Bolden, Victor Alvarado, Erica Arceo and Nicholo Arceo is set for Dec. 12.
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The five Sacramento-area residents were charged in September 2011 in a $26 million real estate fraud scheme.
According to the federal grand jury indictment, the scheme took in 180 investors, many of whom pulled equity out of their houses to participate. The now-defunct company called Diversified Management Consultants Inc., or DMC, allegedly lured investors with promises of large profits but used their cash instead to pay earlier investors.
The grand jury accused Jackson of using much of his investors’ money to buy jewelry, pay for home improvements, and lease a Lamborghini and Land Rover.