89° F
Red Bluff
83° F
81° F
Partly Cloudy
Partly Cloudy

Ponzi scheme defendant to be sentenced Friday

Published On: Jul 26 2013 11:54:00 AM CDT   Updated On: Jul 26 2013 11:56:08 AM CDT
James Koenig mug
REDDING, Calif. -

Friday a Shasta County man will be sentenced.  He faces up to 50 years in prison after being convicted in a $250 million Ponzi scheme.    James Koenig was found guilty of all but one of three dozen criminal counts at his trial in May.

He was arrested in 2009 with two other suspects.  The other two, Gary Armitage and Jeff Guidi, both took plea deals and are serving 10-year sentences.
Koenig was convicted of more than 30 felony counts of fraud in relation to a real estate Ponzi scheme that spanned the nation.  There were more than 70 victims, many of whom planned to be in the courtroom to witness the sentencing.