A San Francisco who formed two real estate investment corporations now faces 5 years in prison after being convicted on charges of investment fraud. Keith Wilson, who was once a respected advocate for the Richmond district in San Francisco, allegedly bilked members in the community out of hundreds of thousands of dollars. According to District Attorney George Gascon, Wilson, who is 56 years old, believed he could build his own personal wealth using others’ hard-earned money and get away with it.
In all, Wilson was charged with defrauding victims of more than $347,000 according to prosecutors through the corporations he founded, Lone Cedar and Tribecca. According to news reports, Wilson persuaded the seven victims to purchase shares in his company. Gascon stated that the victims thought their investments were being used to buy homes, which would then be renovated and resold at a profit. Instead, the money was being pocketed by Wilson. Gascon alleged that the investors’ money was being used by Wilson to eat at expensive restaurants, go on shopping sprees and for political contributions.
Investors were told by Wilson that his corporations bought foreclosed properties in Alameda, Contra Costa and Santa Clara counties. Wilson pleaded guilty to the charges in July. He was formally sentenced to 5 years in state prison on Monday, August 20th.
Investment fraud is a serious criminal offense, and one that requires the expertise of a skilled San Francisco criminal defense lawyer. Any offense related to finances, including embezzlement, credit card fraud, forgery, pyramid schemes or real estate investment fraud can leave the accused individual facing serious consequences which may include steep fines and prison time. Your career and reputation may be ruined.
If you have been charged with fraud or even suspect you are under investigation, consult with a competent San Francisco fraud attorney right away. Your lawyer will review your case, answer your questions and determine the most suitable direction to take to protect your future and freedom.