NorCal Attorney Accused Of Ponzi Scheme
Don't Miss This
- Yuba City Officer, Woman Shot Overnight
- Roseville Cuddling Business In High Demand As Holiday Season Approaches
- Woodland Police Acquire MRAP Rejected By Davis City Council Amid Police Militarization Debate
- 49ers Fan Who Bought Game Ticket Online Receives Pricey Parking Pass
- Man Faces Jail Time Or $4,000 Fine For Not Watering Lawn
SAN FRANCISCO (AP) — A former San Francisco attorney is facing charges that he defrauded investors of $7 million in a Ponzi scheme.
Seventy-two-year-old Robert Tunnell has been indicted by a federal grand jury on seven counts of mail fraud, 13 counts of wire fraud and one count of money laundering.
The indictment was handed down on Thursday.
Prosecutors say Tunnell, a graduate of Dartmouth College and Harvard Law School, held himself out as a conservative investor to friends and relatives, but actually took great risks with their money.
He allegedly lost $7 million of the $10 million he collected between 2006 until his arrest in June and used the rest to pay other investors and a personal debt. Prosecutors say he falsely told investors he was making money.
A call to his attorney on Saturday was not immediately returned.
(Copyright 2011 by The Associated Press. All Rights Reserved.)