British man sentenced to 13 years for investment scam
A British citizen was sentenced to 13 years in prison for operating a scam in Southern California that swindled more than $7 million in investments from clients and diverted more than $2 million to his own use.
Using disarming British charm and tall tales of an illustrious career as a European banker, Robert Tringham, 66, was able to woo investors into turning over the cash, some of which he used to pay for a Diamond Bar mansion, luxury car and a fertility treatment for his girlfriend, prosecutors said.
Tringham was convicted last year of 10 felony charges, including wire fraud, mail fraud, tax evasion and making false statements to federal investigators in federal court. On Tuesday, he was sentenced by U.S. District Judge S. James Otero.
Otero noted that Tringham had a history of fraud in Britain, has shown an apparent inability to “separate himself from this persona,” or to take responsibility for his actions. There is significant concern that Tringham will commit similar offenses if given the chance, he said.
The court also ordered Tringham to pay restitution of more than $8 million to the victims. After he serves his time, he will be deported to Britain.
Speaking in his own defense, Tringham told the court, “I’m not a monster.... I tried to make money and it hasn’t always worked.”
The criminal case against Tringham centered around First National Ban Corp. in Rancho Cucamonga, through which he raised $7.2 million over a three-month period in 2005. He told investors he’d use their money as collateral to purchase discount bonds and then split the profits with them.
But instead, prosecutors said Tringham diverted more than $2 million to himself, buying a $1.4-million house in the hills of Diamond Bar, a $70,000 Land Rover and the fertility treatment.
“He gains a victim’s confidence then exploits their naivete,” Assistant U.S. Atty. Joseph Akrotirianakis said at sentencing.
Jeri Tulipan, who said she lost $1 million after investing with another of Tringham’s companies, Finbar Securities Corp., asked the judge to take no pity in sentencing Tringham. She told the court she had planned on using the money she lost to care for her aging mother, crippled by Alzheimer’s disease, and her older brother, who lives in an adult care facility.
“Nothing has been OK, not since Robert Tringham has been around,” she said. “He was only looking to feed his own ego … with his ill-gotten money.”
Tringham sat with his head down as Tulipan spoke. Later, speaking to the judge, he said he was sorry for what happened to her. “Nobody wishes to have those families suffer, least of all me.”
