California man sentenced for $24 million real estate scheme

FRESNO, Calif. (AP) — A California man whose real estate scam bilked investors out of $24 million has been sentenced to more than 12 ½ years in federal prison.

Seth DePiano of Clovis was sentenced Tuesday and ordered to pay back some $20 million to victims.

Prosecutors say that from 2010 to 2017, DePiano got 28 people to invest money they thought would be used to buy rental properties.

However, authorities say DePiano didn’t own some of the properties and the money was used for personal expenses, gambling and to pay earlier investors.

DePiano pleaded guilty in Match to mail fraud, wire fraud and money laundering. As part of the plea deal, he agreed to forfeit some $700,000 seized from bank accounts and a baseball card collection valued at $31,000.

Categories: California News