Calif. Investment Firm Exec Convicted In $5M Fraud Scheme

Law360, New York (September 5, 2013, 12:18 PM EDT) -- A California federal jury has convicted APS Funding Inc. partner Michael Swanson on charges he and other executives at the purported real estate investment firm used more than $4.5 million in investor funds for personal expenses, prosecutors said Wednesday.

The jury on Tuesday found Swanson guilty of 28 of 30 counts of fraud and conspiracy, U.S. Attorney for the Northern District of California Melinda Haag said in a statement. Swanson is scheduled to be sentenced Dec. 18 and faces a maximum of 20 years in prison...
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