Laguna Niguel Man Admits Huge Fraud
An 80-year-old Laguna Niguel man pleaded guilty Thursday to federal charges of engaging in a loan scheme that defrauded U.S. and foreign individuals of millions of dollars.
Richard A. Parker, appearing in U.S. District Court in Santa Ana, admitted collecting more than $17 million in advance fees from would-be borrowers from 1993 to 2002 by falsely promising to give them billions in loans.
Parker’s plea came a day after Wayne Chan, 53, of Vancouver, Canada, pleaded guilty to mail fraud for acting as a phony reference in the scheme.
Both are scheduled to be sentenced Oct. 27. Chan could get five years in prison, Parker 15.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.