Laguna Niguel Man Sentenced after Affinity Fraud and Ponzi Scheme
William Warren Baker has been sentenced after accusations that he ran a $600,000
Ponzi scheme. The alleged scam was discovered when Baker's mother disappeared;
as the search was underway for her, inconsistencies were found in her
accounts that led to Baker. As of this time, Baker's mother remains missing.
Authorities say that Baker brought in investors by offering investments in property that would be refurbished and resold. Unfortunately, only one piece of property was purchased with the cash, and that property was transferred to Baker's son and then into a trust for Baker's wife.
Baker has been accused of choosing his Ponzi scheme victims from his close, personal contacts, such as friends and members of his church. Additionally, he has been accused of pocketing over $6000 from his mother's Social Security payments after she disappeared.
Baker pleaded guilty earlier this year to 13 counts of making false statement in the sale or purchase of securities. He also pleaded guilty to the aforementioned felony theft from the Social Security Administration. Baker was sentenced to ten years in prison and will pay fines and restitution to affected investors.
If you have been the victim of a California Ponzi scheme, our experienced securities fraud lawyers would like to speak with you. We have over 50 years of collective experience helping investment fraud victims recover their losses through stockbroker mediation, arbitration, and litigation.