A Riverside County man and his mother have been convicted for their role in a $ 142 million investment scam that cost some people their homes and life’s savings.
The Riverside Press-Enterprise says Hendrix Montecastro was convicted Monday of hundreds of felonies involving more than two dozen victims. Helen Pedrino was convicted of more than 50 charges. He could face 100 years in prison and his mother faces 34.
They’re the last of seven people charged with using seminars, Internet ads and word of mouth to lure people in Riverside County and Arizona to invest in a series of shell companies. Authorities say some people refinanced their homes to provide funds.
The mastermind, James Duncan, made a plea bargain but still faces more than 19 years in prison.