California Real Estate Broker Cops Plea To $43+ Million Swindle

The San Jose Mercury News reports:

• "A Hillsborough man who preyed on the elderly through a real estate scam and swindled many people out of their life savings pleaded no contest Tuesday in a Santa Clara County courtroom to 173 felony counts, and may spend the rest of his life in prison. Michael Schneider, 45, took more than $43 million from his victims, according to the Santa Clara County District Attorney's Office. The complaint was filed jointly by the district attorney's offices in Santa Clara and Santa Cruz counties. [...] Some of the elderly victims "don't have a life anymore," said Saratoga resident Saeed Fazeli, a retired engineer who says he lost about $6.8 million in the scam. [...] Fazeli estimated that more than 50 people lost their life's savings.

Schneider's attorney, Daniel Horowitz claims that there is currently available enough funds in the bankruptcy court to return to victims about 30 percent of what they lost, but that "bankruptcy attorneys are gutting all the money." For more, see Man enters no contest plea in real estate scam.

See also, Broker pleads no contest to 173 felonies (Man could face up to 169 years in alleged pyramid scheme).