7 Arrested in Fraud Ring That Spanned States
Seven people who claimed they had access to a trust fund created by descendants of Mormon church founder Joseph Smith have been arrested in what federal investigators said was a fraud ring that stretched across several states.
Over a period of more than 10 years, more than 100 victims were bilked out of a total of between $20 million and $50 million on a promise that they would receive returns from a $1.6-million trust fund allegedly created by Smith overseas, the FBI reported Wednesday.
The ring operated out of a liquor store in the Ocean Beach area of San Diego and a local apartment complex where several of the suspects lived. Investigators said the suspects flew to Utah, Texas, Idaho and other states to pitch the deal.
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.