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The U.S. Attorney's office today (Sept. 22) announced two more scams for which the county has become known. John Clement of Encinitas pleaded guilty to operating a $4.9 million Ponzi scheme. He was promising investors 1.5% to 2% per month to invest in his hedge fund named Edgefund. He was supposed to be trading stocks daily. But he wasn't doing well; he sent investors false statements indicating that their money was growing, according to the government. So-called real estate consultant John Borzellino (aka John Ross) admitted to running a multimillion dollar mortgage scam. He arranged to purchase homes in Florida, Georgia, and California by offering more than the asking price, with the understanding that the money above the asking price would be funneled to an entity under his control, according to court records. He then induced lenders to extend mortgage loans by filing misleading statements. He also assumed a number of false identities, he admitted.

Pictured: Charles Ponzi

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