California Man Sentenced to Federal Prison for Mail Fraud & Money Laundering

In Los Angeles, California, a Downey man was sentenced to 22 years in federal prison for running two fraud schemes. A Ponzi scheme that took in at least $30 million from about 500 victims, and a mortgage fraud scheme that preyed on homeowners by stealing the equity from their homes and taking title to their properties. Juan Rangel  pleaded to one count of mail fraud and one count of money laundering. More than a dozen victims addressed the court during the hearing, including an investor who had been convinced to invest money she received after her son was killed while serving as a marine in Iraq. 

The mail fraud count to which he pleaded guilty related to a Ponzi scheme in which his company, the Commerce-based Financial Plus Investments, recruited investors through advertisements in Spanish-language newspapers. Rangel and Financial Plus promised to pay investors annual returns as high as 60 percent, claiming their investments and lending business generated substantial profits. However, Rangel instead used victims' money to make Ponzi payments to prior investors and for his own personal use, including the monthly mortgage payments on his $2.5 million mansion and payments for his Lamborghini sports car. Rangel also admitted that he a mortgage fraud scheme targeting Latino homeowners facing foreclosure. He admitted that the mortgage fraud scheme caused lenders to fund more than $10 million in fraudulent loans.

If you have been charged with a federal crime such as mortage fraud, wire fraud, mail fraud, money laundering, or any related crime, you will need a skilled federal criminal defense attorney to represent you in court. Federal attorneys Donald Marks and Anthony Brooklier have been successfully defending individuals on federal charges for decades. Federal charges are a serious crime with severe consequences that can affect you for many years. If you have been arrested or under investigation for any federal fraud crime, it is important that you contact a Los Angeles federal fraud criminal defense attorney to discuss your case. Contact us for a free case review.