Sat, Dec 31 2011 12:00 PM Posted By: Neal Putnam
A former owner of several investment businesses in Chula Vista will surrender next week to begin his 51-month federal prison term for allegedly swindling more than 100 people out of $9 million.
Moises Pacheco, 42, has been allowed to remain free on $40,000 bond by U.S. District Court Judge Jeffrey Miller until Jan. 6, when a final restitution hearing will take place to determine exact losses to specific victims.
Pacheco pleaded guilty in 2010 to conspiracy to commit mail, wire and bank fraud involving his businesses in wide-ranging investments and mortgages. He had several offices in Chula Vista and also lives here.
His attorney, Todd Burns, says Pacheco was swindled himself of $3 million by others. Burns filed court papers that said market losses resulted in business reversals and some of the people who lost money were his own relatives and close friends.
Pacheco sent out a letter to his clients on June 10, 2008, advising them he had lost money and was being investigated. Burns said Pacheco was able to return $9.7 million to investors.
The U.S. Attorney’s Office says Pacheco opened his office on Bonita Road in Chula Vista in 2005 and encouraged people to invest in his stock trading program and use his mortgage brokerage services.
Pacheco has no prior record.
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