Michael Erb of Stockton will sell eight pieces of propertry in both Calaveras County and more in San Joaquin County as part of a plea bargain, in order to raise enough cash to pay back several investors who prosecuters say were scammed out of a total of more than $2 million.
Erb had been facing 14 securities fraud charges for selling notes and deeds between 1993 and 1999. The investors believed that they were investing into developments that included business parks that were to be built along Hwys 12 and 26. The business parks were never built and prosecuters said that investors were scammed out of $1.4 million in Calaveras County and more than $600,000 in San Joaquin County.
Michael Erb, 61, could be sent to prison for up to eight years. Erb is currently free on his own recognizance but has been ordered to return to court on April 4th for sentencing.