146 Felony Counts Against Accused Scammer: Coachella Valley

Palm Desert CA

19 March, 2021

8:03 PM

Description

COACHELLA VALLEY, CA — An Arizona man accused of defrauding dozens of older Coachella Valley residents out of $5.5 million by convincing them to invest in his financial products, then pocketing the money, has been charged with more than a hundred felony counts, the Riverside County District Attorney's Office said Friday. Sheldon Jeffrey Katz, 79, was charged with 146 felony counts on Monday stemming from an investigation that began in June 2019 into the defendant's "Tax 4 Liens" investment company. Prosecutors said the scheme defrauded 45 people that they know of, including individuals or couples who were predominately older Coachella Valley residents. The felony counts include charges of grand theft, theft from an elder, employing a fraudulent scheme in connection with the offer or sale of a security, among others. An arrest warrant has been issued for Katz's capture, prosecutors said. Katz, a one-time Coachella Valley resident who now lives in Chandler, Arizona, allegedly targeted potential investors via mailers that invited them to dinner seminars at upscale restaurants. "Katz would then market his financial products, telling investors he had a successful background investing in tax liens issued by government agencies," the D.A.'s office said. During their investigation, law enforcement personnel learned the defendant "did not have a successful background of investing in tax liens and deeds," prosecutors said. Katz issued the investors secured promissory notes, but never repaid any of the money, prosecutors said. "Investigators also found that Katz fraudulently used the money he received from the victims to maintain his scheme, to maintain his various real estate activities and his ownership in multiple sushi restaurants, as well as other non-authorized personal expenses," the D.A's office said. Investigators are asking any additional victims who may have been targeted as part of the scheme to email D.A.'s office Investigator Paul Bracciodieta at [email protected]. He can also be reached by calling 951-955-7439.