2 in Riverside County sentenced in $142M scam
RIVERSIDE, Calif. (AP) -- A Riverside County man and his mother have been sentenced for their roles in a $142 million investment scam that cost some people their homes and life's savings.
The Riverside Press-Enterprise (http://bit.ly/1dUfbSQ) says Hendrix Montecastro was sentenced Tuesday to more than 81 years in state prison. He was convicted last year of hundreds of felonies involving more than two dozen victims.
His mother, 62-year-old Helen Pedrino, received a seven year sentence. She was convicted of more than 50 charges.
The pair was also ordered to pay more than $6 million in restitution. They plan to appeal.
Prosecutors said they used seminars, Internet ads and word of mouth to lure people in Riverside County and Arizona to invest in a series of shell companies. Authorities said some people refinanced their homes to provide funds.
Information from: The Press-Enterprise, http://www.pe.com