Former Financial Advisor Sentenced to 14 Years in Federal Prison for $12 Million Fraud that Caused Clients to Lose Retirement Savings

Paul Ricky Mata, a former financial advisor, was sentenced to 168 months in federal prison for a real estate investment con that caused his clients to lose more than $12 million. Mata pleaded guilty to 17 felonies: 11 counts of mail fraud, three counts of wire fraud, one count of making a false statement in a bankruptcy proceeding, one count of concealing assets in bankruptcy, and one count of making a false oath and accounts in bankruptcy. Mata failed to disclose his lengthy disciplinary history, which includes a one-year suspension, a $10,000 fine, and a three-year suspension, to his clients. U.S. District Judge R. Gary Klausner has also ordered him to pay $12,560,385 in restitution to his victims.

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