Early look at Wild Animal Park, troubled elephants come to the zoo, China’s panda hunter and pandas end up in San Diego, the morality of SeaWorld’s dolphins
Various Authors 3:49 p.m., Dec. 3
Moises Pacheco, a partner of Matthew "Beau" La Madrid, was sentenced today (Sept. 16) to 51 months in prison for, among several things, running a Ponzi scheme. Before 2005, Pacheco worked with La Madrid, his high school chum. Then Pacheco set up an investment program similar to La Madrid's.
Pacheco raised more than $14.7 million from investors promising to make their money grow by purchasing stocks and selling covered call stock options. But it turned into a Ponzi scheme, according to the government. Then Pacheco diverted $3 million of client funds into a risky investment promoted by La Madrid.
All that money was lost, but Pacheco sent out false statements concealing the losses, according to the U.S. Attorney's office. La Madrid got 120 months in custody July 28, and his brother Lance got 30 months Aug. 4.