4:32 a.m., May 22
Another Alleged San Diego Ponzi
The Securities and Exchange Commission yesterday (Feb. 21) in federal court charged Carlsbad's Steven L. Hamilton with allegedly bilking 23 investors of $1.6 million in a series of Ponzi schemes.
According to the agency, between 2007 and 2011, Hamilton told investors their money would be put in various real estate loans and one construction project. But the money went into Hamilton's pocket and back to investors, says the SEC.