Quantcast
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

300 percent returns? No.

Prometheus head James Catipay pleads guilty

James Catipay pleaded guilty yesterday (October 26) to defrauding investors through a plan to recruit plaintiffs for lawsuits against pharmaceutical firms. He was promising returns of 100 percent to 300 percent per year. His company, Prometheus, collected almost $12 million from 200 investors. Many of them were retired and lost their entire investments.

Catipay told potential investors that he would use their money to recruit potential plaintiffs who would sue pharmaceutical companies. The proceeds from these tort lawsuits would go to the investors, Catipay claimed.

According to court documents, he gave much false information to investors. Here are some of the falsehoods: that investors could collect their funds at any time; funds were available to pay the fat returns as well as redemptions; and their investments were secured by enforceable liens. A court-appointed receiver has taken over the company.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Local teacher defends his profession

Pageantry of the classroom has been replaced by Zoom tiles

James Catipay pleaded guilty yesterday (October 26) to defrauding investors through a plan to recruit plaintiffs for lawsuits against pharmaceutical firms. He was promising returns of 100 percent to 300 percent per year. His company, Prometheus, collected almost $12 million from 200 investors. Many of them were retired and lost their entire investments.

Catipay told potential investors that he would use their money to recruit potential plaintiffs who would sue pharmaceutical companies. The proceeds from these tort lawsuits would go to the investors, Catipay claimed.

According to court documents, he gave much false information to investors. Here are some of the falsehoods: that investors could collect their funds at any time; funds were available to pay the fat returns as well as redemptions; and their investments were secured by enforceable liens. A court-appointed receiver has taken over the company.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Mainly Mozart does drive-up at Del Mar Fairgrounds

Fiddle music, Billy Joel, and Purcell trumpet sonata
Next Article

Unexpendable Rambo

The first and fourth foray
Comments
4

Prometheus, who stole fire from Mount Olympus and gave it to mankind.

This Prometheus, stole money, gave it to himself and burned mankind.

Oct. 27, 2016

Ponzi: One difference: this Prometheus will not go down in history, because San Diego has so many crooks like him. Best, Don Bauder

Oct. 27, 2016

Legend has it that Prometheus was punished by being tied to a rock and getting his innards pecked at daily by an eagle for eternity.

Perhaps his victims would like to see something similar for Catipay.

Oct. 27, 2016

ImJustABill: Surely his victims would like to see him punished that way. But as hardened I get to such scams after half a century of following them, I always think I would applaud such punishment when a new San Diego Special comes along, which is just about daily. Best, Don Bauder

Oct. 27, 2016

Sign in to comment

Sign in

Art Reviews — W.S. Di Piero's eye on exhibits Ask a Hipster — Advice you didn't know you needed Best Buys — San Diego shopping Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits City Lights — News and politics Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Excerpts — Literary and spiritual excerpts Famous Former Neighbors — Next-door celebs Feast! — Food & drink reviews Feature Stories — Local news & stories From the Archives — Spotlight on the past Golden Dreams — Talk of the town Here's the Deal — Chad Deal's watering holes Just Announced — The scoop on shows Letters — Our inbox [email protected] — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Of Note — Concert picks Out & About — What's Happening Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Pour Over — Grab a cup Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Set 'em Up Joe — Bartenders' drink recipes Sheep and Goats — Places of worship Special Issues — The best of Sports — Athletics without gush Street Style — San Diego streets have style Suit Up — Fashion tips for dudes Theater Reviews — Local productions Theater antireviews — Narrow your search Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Waterfront — All things ocean Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close