400 Guilty Verdicts In $190M California Fraud Trial Targeting Mostly Elderly Investors

In Riverside County, California, The Press-Enterprise reports:

• Prosecutors will seek the maximum prison term of 117 years for the president and sole officer of D.W. Heath & Associates, who was convicted this week of bilking 1,600 mostly elderly investors. Daniel W. Heath received the final verdicts Friday, with jurors finding him guilty of 400 of 401 criminal counts, including securities fraud, selling securities without a license, theft from the elderly and grand theft. The verdicts were read over two days in the $190 million investment fraud trial involving his shuttered company. [...] "There are (sellers) out there who think that if investors complain, the worst they can face is civil suits, but we made it clear that you will face criminal charges," Deputy District Attorney Michael Quesnel said.

For more, see Heath investment fraud trial ends in 400 guilty verdicts, one not guilty (read story) (watch video).

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