57°
Cloudy
THU
 73°
 54°
FRI
 76°
 54°
SAT
 69°
 47°
SUN
 72°
 43°
MON
 73°
 47°

Judge offers deal to accused Ponzi swindler

A former Petaluma real estate agent charged with bilking dozens of investors in one of Sonoma County's largest Ponzi schemes will be sentenced to a maximum 20 years in prison if he admits the charges before trial, a judge said Monday.

Aldo Baccala, 73, is accused of swindling $20 million from 55 people who made loans for various projects including East Coast nursing homes, a Northern California mushroom farm and a Nevada car wash.

Prosecutors alleged Baccala used the money for other purposes and took new loans to pay back earlier investors. He was arrested in 2012 after he could no longer keep the scam afloat, prosecutors said.

He faces up to 160 years in prison if convicted at his March 28 trial of 135 counts of grand theft, securities fraud and elder financial abuse.

Judge Gary Medvigy announced he would limit Baccala's sentence to no more than 20 years if he pleaded guilty as charged. Medvigy cited Baccala's age and "blameless life" in extending the offer.


comments powered by Disqus
© The Argus Courier |  Terms of Service |  Privacy Policy |  Jobs With Us |  RSS |  Advertising |  Sonoma Media Investments |  Place an Ad
Switch to our Mobile View