SAN DIEGO, Calif. — Former life insurance agent Christopher Dougherty, 47, pleaded guilty to three counts of securities fraud, three counts of grand theft, and a sentencing enhancement after running a $6 million Ponzi scheme that scammed 49 victims -- 31 of whom were 65 years or older at the time of the fraudulent investments. Copyright 2020 Scripps Media, Inc. All rights reserved. While the farm was real, it did not actually generate profits for investors. Prosecutors say there were nearly 50 victims, many who were elderly. “Thanks to the great work by Department of Insurance investigators and the San Diego (County) District Attorney’s Office, his conviction will bring some level of justice to victims and their families.”.
“All of his excuses ran out, leaving his victims with nothing,” Stephan said. Jerry and Diane Cole told Team 10 they lost more than $1.6 million in the scheme. Dougherty has been in custody with a $5 million bail since his arrest in April 2019. Christopher Dougherty, 47, pleaded guilty earlier this year to securities fraud and grand theft charges for offering victims investment opportunities in companies he owned, then using some of their funds for his personal expenses, such as home remodeling, travel and college tuition, according to the state Department of Insurance. Do not use this site to make decisions about employment, tenant screening, or any purpose covered by the FCRA. The California Department of Insurance, established in 1868, is the largest consumer protection agency in California.
SEC Charges San Diego-Based Investment Adviser with Running a Ponzi Scheme Litigation Release No. Deputy District Attorney Michael Zachry said more than $10 million was taken in, with a net loss to the victims totaling more than $7 million. Prior Approval Regulations, Workers' Compensation Rate Filings, Public Notices of Rate Filings. Is it safe yet to fly during the pandemic? Dougherty also used some of the victims’ money to pay back other investors “in classic Ponzi fashion,” and when he was no longer able to pay his investors back, “the Ponzi scheme collapsed,” according to a DOI statement. Find how and where to get prelicensing and continuing education in this section. California Innocence Project wins 4 clemency cases; progress slows on others, Project attorneys have run into difficulties working other cases, with COVID-19 restrictions on prison visits, 20 cars vandalized, tires slashed in Chula Vista, Vehicles on Guatay, Cuyamaca, East Donahoe, Helix and Inkopah were targeted, police say, 4 suspected gang members arrested by SWAT team in National City, No one was injured as officers moved in on a home at East 18th Street and C Avenue, Driver smashes into front of South Bay surplus store, The front of Rosebud Army-Navy-Surplus was badly damaged; no one was injured, Experts fear rise in domestic violence among shut-in families, Social service agencies remind those in need that hotline help, shelters, are still available, Robber jumps counter, steals pills at Mira Mesa drug store, The thief hit a CVS store at Mira Mesa Boulevard and Westview Parkway, Not guilty plea from passenger charged with fatally shooting driver in the back, taking car, Cameron Leddy is accused of killing Juan Martin Gomez Alvarado in San Ysidro, Man pleads guilty to arson for setting Chula Vista fire. Zachry said the case was “extremely egregious by any standard” and said the impact to the victims went beyond just the dollar amounts. During a sentencing hearing held over video conference due to the COVID-19 pandemic, Dougherty made a statement to the victims shortly before the stipulated 12-year sentence was handed down. This was the product of 50 years of our married life together… of working, saving, putting away money,” Cole said. Please review this important information. Dougherty was charged last April by the San Diego County District Attorney’s Office and has been in custody since then. Christian Dougherty. Read information guides specifically designed for seniors. Nearly three dozen investors across the county said Christopher Dougherty of Poway duped them into a "Ponzi scheme." “I accept full responsibility for my actions,” Dougherty said. Christopher Dougherty received a 12-year sentence. IDI is an effort to encourage Supplier Diversity and Governing Board Diversity within California’s insurance industry.
Get alerts on severe weather, road closures and other major breaking news. Deputy District Attorney Michael Zachry called this case “extremely egregious.” Zachry said there was over $10 million dollars taken in with $7 million net loss to victims. Local civil rights attorney tapped to lead national police watchdog group, Julia Yoo elected president of National Police Accountability Project, Bonita couple who founded charity sentenced to prison for stealing millions, Geraldine and Clayton Hill used fraud to rake in at least $1.3 million over six years, San Diego hotels sue city over rehiring ordinance they claim is unconstitutional, Lawsuit seeks to invalidate measure requiring hotels to make seniority a priority when rehiring workers who were laid off because of the pandemic, Prosecutor: After deadly Fallbrook crash, driver shaved head, bought wigs and cellphones, Suzanne Faulhaber, 47, is accused of DUI in Aug. 24 crash that killed Martin Orozco, Plane goes off runway in Fallbrook; only person onboard walks away, sheriff’s official said. He faces up to 35 years in state prison if convicted of all charges, prosecutors said. “It’s more than just money. , No. Debate Rages on Graham Ledger’s Exit from OAN, San Diego Thanksgiving 2020 Guide: What’s Open, Where to Order Takeout. Chris J Dougherty. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums.
A former life insurance agent from Poway is slated to be sentenced to a dozen years in state prison next month for orchestrating a $6 million Ponzi scheme that scammed nearly 50 victims, many of them senior citizens, the California Department of Insurance announced Wednesday. Also sign up for our community newspaper newsletters, and CaregiverSD. (Pauline Repard/ San Diego Union-Tribune). Age 50-55 * Narberth, PA . Age 55-60 * Rio Grande, NJ . He filed for bankruptcy in October. Mailing lists for active individuals, agencies, and insurance companies and order forms.
Alejandro Gonzalez, 33, is expected to be sentenced Jan. 13 to two years and eight months in prison. I want to sincerely apologize to you and your family members and I also want to let you know I did make a mistake and I will not do this in the future.
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