San Francisco Investment Scam Takes $7 Million from Family, Friends, and Girlfriend
Robert Tunnell, a former San Francisco attorney, has been charged with
running a California
Ponzi scheme that took $7 million from victims. The victims in the alleged investment
scam were mostly made up of Tunnell's family and friends, including
even his girlfriend.
Officials allege that, starting in 2006, Tunnell took the guise of a skilled investor and enticed investors with promises of conservative, low-risk investments that would provide high returns. Of the $10 million he took from investors, $7 million was lost on risky investments. The remaining cash was used to pay off a bank debt and earlier investors.
Tunnell had previously been accused, among other charges, of taking $300,000 from the law firm where he was employed. He resigned from the California State Bar in 2001 and allegedly began offering to invest for family and friends, claiming he received no financial gain for doing so.
Tunnell faces 7 counts of mail fraud, 13 counts of wire fraud, and 1 count of money laundering. He is currently free on bond.
The experienced securities fraud attorneys with David P. Meyer & Associates have recovered millions of dollars for our clients and are devoted to helping victims of Ponzi schemes nationwide recover their losses.