GLENDALE : 2 Men Sentenced in Investment Fraud
Two businessmen convicted of defrauding 186 investors--mostly from the San Gabriel Valley and Glendale--have each been sentenced to 27 months in federal prison, officials said Friday.
Russell A. Guarino, 57, of Pasadena and Carl A. Keith, 54, of Woodland Hills made no statements during their sentencing Thursday before U.S. District Court Judge John Davies.
They pleaded guilty April 13 to nine counts of mail fraud in which investors lost $4.2 million through the defendants’ now-defunct Pasadena firm, California Resources Group.
Davies ordered both men to pay the investors a total of $10,000 after completing their sentence, said Assistant U.S. Atty. Ronni B. MacLaren. The defendants will also face three years of supervised probation. Terms of the probation will restrict them from having “custody, control or management of an employee’s funds,” MacLaren said.
Guarino, who now works as a schoolteacher, and Keith, who works at a Burbank specialty book shop, are expected to turn themselves in and begin their prison terms Aug. 23.
